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Carl Icahn subpoenaed over Trump advisory role

AP Photo/Mark Lennihan

Activist investor Carl Icahn has been subpoenaed the the U.S. Attorney for the Southern District of New York over his role as an unpaid advisor to President Trump on deregulation. At issue is Icahn's advocacy for changes to a federal biofuels program that would have benefited CVR Energy, in which Icahn holds an 82% ownership stake. Icahn initially pushed back against conflict claims, but stopped advising Trump in August ahead of a critical New Yorker piece about those very conflicts.

Big picture: The subpoena opens a new front in what has been an intense lobbying and political battle over the federal biofuels mandate.