"A no jail time deal like this strongly suggests a level of cooperation significant enough to incriminate other significant subjects", he said. He will also be required to pay $5 million to the state of NY.
Michael Avenatti - who has uncovered details of Mr Cohen's finances - said Suspicious Activity Reports filed by Mr Cohen's bank to the US Treasury showed he had received money from "Ukrainian interests", according to the BBC.
The Times wrote that Freidman's cooperation could be used as leverage to get Cohen to work with the special counsel Robert Mueller in his investigation into Russia's interference in the 2016 United States election and whether the Trump campaign colluded with Russian officials.
Evgeny Freidman was dubbed the Taxi King of NY for managing cab fleets for investors including Cohen.
This is what set up the encounter with Cohen, who spend decades as Trump's personal lawyer and fixer, it was said.
Cohen's business dealings are being scrutinized by federal prosecutors.
CNN previously reported the Federal Bureau of Investigation searches included a request for documents related to Cohen's ownership of taxi medallions and sought information about taxi owners who had financial dealings with Cohen. Cohen and the two Ukrainian intermediaries have denied it.
The revelation followed reports of Cohen cutting deals worth at least $2.95 million with various companies, including AT&T, that were seeking information on how to handle an unfamiliar Trump administration a year ago.
Jonathan Turley, a professor at George Washington University Law School, described it as a "very good deal" for Friedman that could prove a major headache for both Cohen and Trump.
The value of a taxi medallion reached a high of $1.2 million each in 2014, but their value has slumped to about $300,000 amid the rise of ride-hailing services such as Uber.
Freidman struggled financially as the value of taxi medallions plummeted. But Freidman's plea is about much more than returning ill-gotten taxpayer dollars to New Yorkers because it was made as part of an agreement to cooperate with Special Counsel Robert Mueller III's investigation into Russian meddling in the 2016 election.
"That's it!" he texted the journalist, according to the Times, apparently objecting to the paper's report on the implications his guilty plea could have on the FBI's Cohen probe.
Freidman faces several charges, including four counts of criminal tax fraud and one grand larceny.