American senator Ron Wyden, the best democrat of the Senate Finance Committee, continues his investigation to find out if Dan Morehead, the founder of the assets director, Panttera Capital, sought to avoid paying taxes thanks to his decision at Puerto Rico.
Wyden’s investigation to find out if Morehead has started tax evasion began in January and focuses on how the founder of Pantera reported taxes on his share of the product after a large cryptographic sale by the company. According to a press release, Wyden specifically seeks to know if Morehead “denounces[ed] His residence status “When Pantera has generated more than a billion dollars of capital gains in crypto sales by affirming that his profits from the sale came while he was in Puerto Rico. Residents of the American territory do not pay income tax on capital gains.
“I understand that your share of these gains … was hundreds of millions of dollars,” said Wyden in the letter, sent on Wednesday. “I also believe that you have treated everything [gain] As exempt from the American tax, even if the lion’s share of these gains has accumulated while you still live in California. These are serious allegations of potential abuse of tax incentives to Puerto Rico to avoid the payment of American taxes that you must immediately approach. “”
Wyden’s letter allegedly alleged that Morehead’s lawyers “have practically disappeared” despite initially engaging with its staff. He also declared in the letter that he thought that Morehead had been advised by Jeffrey Rubinger, a lawyer based in Miami who advised another customer who “recently pleaded guilty to a tax fraud program” linked to the same tax rules of Puerto Rico.
A spokesperson for Pantera referred Coindesk to a previous statement from Morehead, when he told the New York Times in a statement earlier this year: “I think I acted in an appropriate manner with regard to my taxes”.
Wyden’s investigation does not carry the total weight of an investigation by the senatorial finance committee at the moment, since the Democrats are the minority party of President Senate and the Mike Crapo Committee – the first republican of the Committee – does not seem to have joined in the investigation at that time.
Wyden’s letter came the same day as the Senate financing committee held an audience on cryptographic tax issues in particular. Witnesses of the hearing warned that IRS could soon face a deluge of tax reports.
Read more: the hearing of the American Senate on cryptographic taxes reveals headaches for industry and IRS
