U.S. Senate Finance Committee Highlights Circumvention of FATCA Reporting Schemes

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Friday, August 26, 2022
Author: 
Alex Mostaghimi
Volume: 
38
Issue: 
9
Abstract: 

On August 24, 2022, the Senate Finance Committee issued a report on a case study on the methods by which billionaire Robert Brockman allegedly hid approximately $2.7 billion in income from the IRS and evaded hundreds of millions in federal taxes.[1]  On October 15, 2020, the Justice Department announced it has indicted Brockman on 39 counts, including tax evasion, failure to file foreign bank account reports, money laundering, and other offenses.[2]



[1]    U.S. Senate Committee of Finance, The Shell Bank Loophole, Aug. 24, 2022 chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.finance.senate.gov/imo/media/doc/Mirabaud%20Report.pdf. 

[2]    U.S. Department of Justice, CEO of Multibillion-dollar Software Company Indicted for Decades-long Tax Evasion and Wire Fraud Schemes, Oct. 15, 2020.