Pantera Capital Founder Dan Morehead Refusing To Cooperate In Tax Avoidance Probe, Senator Claims
Senate Finance Committee Ranking Member Ron Wyden (D-OR) is alleging that Pantera Capital founder Dan Morehead is refusing to cooperate with an investigation over whether or not he “improperly prevented greater than $100 million in U.S. taxes by misrepresenting his residency standing and abusing a Puerto Rican tax program,” a brand new letter from the senator revealed on the United States Senate Committee on Finance on Wednesday reveals.
Senator Targets Pantera Capital Founder In Tax Probe
According to the letter, Wyden claims that Morehead has not responded to makes an attempt made by committee investigators since early January, regardless of an preliminary response from his attorneys that indicated his willingness to cooperate with the investigation.
“While your attorneys initially steered to my employees you have been prepared to cooperate with this inquiry, they’ve all however disappeared, heightening my considerations that you will have improperly prevented over $100 million {dollars} in federal taxes on capital beneficial properties that accrued whilst you nonetheless lived in San Francisco,” Wyden writes.
The U.S. lawmaker alleges that his employees obtained info suggesting that Pantera Capital bought “a big place” that generated “capital beneficial properties in extra of $1 billion” shortly after the crypto executive moved to Puerto Rico (PR) and obtained a PR tax grant.
Wyden Requests Prompt Response from Morehead
“It is my understanding your share of those beneficial properties … was tons of of tens of millions of {dollars},” Wyden says. “It can be my understanding that you simply handled your complete [gain] as exempt from U.S. tax, regardless that the lion’s share of those beneficial properties accrued whilst you nonetheless resided in California.”
The Democratic senator additionally claims that Morehead was suggested on the transaction by Jeffrey Rubinger, who allegedly wrongfully suggested one other consumer named Suresh Gajwani that “built-in beneficial properties accrued previous to turning into a resident of Puerto Rico could possibly be exempt from federal taxes.”
Wyden is searching for a response from Morehead by October 15, although it’s unclear if and when the blockchain technology tycoon will reply.
The submit Pantera Capital Founder Dan Morehead Refusing To Cooperate In Tax Avoidance Probe, Senator Claims appeared first on Cryptonews.
