Peter Schiff has a deal with Puerto Rico to liquidate his Euro Pacific bank, he says
His attorney, Lanny Davis, said Mr. Schiff was not told he was both a subject or target of a federal investigation.
Justin Cole, a spokesman for the IRS’ Criminal Investigations Division, said during the investigation it became clear that the “most applicable motion” was for Mr. Schiff’s bank to be unregistered.
Mr. Schiff had sought to promote the financial institution, but Puerto Rico banking regulators did not allow a sale.
Mr. Schiff, who worked as a financial adviser to former consultant Ron Paul of Texas and once ran for the US Senate, became famous for predicting the 2008 financial collapse, earning him the title “Dr. . Loss.”
Mr. Schiff has a well-known aversion to paying taxes and lives in Puerto Rico, where many wealthy people take advantage of special tax incentives often known as Law 60.
“The federal government has never been happy with this Bill 60 regime, where they say tax evaders leave the United States and don’t pay their fair share in the United States,” said Miguel A. Soto. -Class, president of the Middle for a New Economic system, a supposed reservoir in Puerto Rico. “They didn’t favor it in any way, and financial institution regulators in Puerto Rico are now getting a lot of questions from federal regulators about these international banks working in Puerto Rico.
“They kind of have their eyes on the situation here.”