Hedge fund and manager pay New York $105 million to settle tax evasion case initiated by whistleblower

The New York State Attorney General Letitia James and New York City Corporation Counsel John E. Johnson have settled a state tax evasion case for $105 million against Thomas Sandell of Sandell Asset Management Corporation (SAMC), a hedge fund. It is alleged that Sandell, through his firm, recognized over $450 million in management and performance […]

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Coinbase pays $6.5 million to settle charges by CFTC of fraudulent “wash trades” in Bitcoin and Litecoin

The US Commodity Futures Trading Commission (CFTC) said on Friday digital asset exchange Coinbase Inc paid $6.5 million to settle charges it reported misleading transaction data that potentially inflated the apparent trading volume on its professional GDAX platform. The fine was issued for  “wash trades” in litecoin and bitcoin by a former Coinbase employee on […]

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How the IRS whistleblower program works and the highest award of $105 million to one person

The IRS pays awards to people who provide specific and credible information to the IRS if the information results in the collection of taxes, penalties, interest or other amounts from the noncompliant taxpayer. The IRS looks for solid information, not guesses or speculation. If the taxes, penalties, interest and other amounts in dispute exceed $2 million, and a few […]

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Convicted Caymen Island financial advisors jailed and also become IRS whistleblowers

Eric St-Cyr, a Canadian investment advisor working from his Cayman Island-based financial advisory firm, Clover Asset Management and Canadian Attorney Patrick Poulin, have been sentenced to 14 months in prison for conspiring to launder money. Now, the two men are cooperating with the Internal Revenue Service (IRS) in investigations from the information they have provided. […]

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Congress makes IRS whistleblower program easier and more lucrative for whistleblowers reporting major tax evasion

The IRS whistleblower program which allows tax whistleblowers to receive between 15 to 30 percent of any proceeds the IRS collects based upon original information provided by the whistleblower, has now been broadened and significantly strengthened by Congress in favor of the whistleblowers. For years, the IRS has fought with whistleblowers as to what should […]

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