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Peter Schiff Has a Deal With Puerto Rico to Liquidate His Euro Pacific Bank, He Says

  • August 09, 2022

His lawyer, Lanny Davis, said Mr. Schiff had not been notified that he was either a subject or a target of a federal investigation.

Justin Cole, a spokesman for the I.R.S. criminal investigations division, said that during the investigation, it had become clear that the “most appropriate action” was for Mr. Schiff’s bank to be de-registered.

Mr. Schiff had sought to sell the bank, but the banking regulators in Puerto Rico did not allow a sale.

Mr. Schiff, who worked as an economic adviser to former Representative Ron Paul of Texas and once ran for the U.S. Senate, gained fame for having predicted the 2008 financial collapse, earning him the name “Dr. Doom.”

Mr. Schiff has a well-known aversion to paying taxes and lives in Puerto Rico, where many wealthy Americans benefit from special tax incentives known as Act 60.

“The federal government has never been happy with this Act 60 regime, where, as they see it, tax dodgers leave the U.S. and don’t pay their fair share in the U.S.,” said Miguel A. Soto-Class, president of the Center for a New Economy, a think tank in Puerto Rico. “They have never liked it, and so now bank regulators in Puerto Rico are getting a lot of questions from federal regulators about these foreign banks operating in Puerto Rico.

“They kind of have eyes on the situation here.”

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