A California court has given the U.S. Internal Revenue Service permission to issue a “John Doe” summons to prime brokerage SFOX.
If issued, the summons would seek both user identification and transaction records for anyone who completed at least $20,000 worth of transactions from 2016 through the end of 2021.
In a memo about the SFOX summons, Hubbert wrote that IRS Agent Seng Lee has identified 10 different taxpayers believed to be SFOX customers who are suspected of skirting tax laws.
Those taxpayers include a person who was “allegedly involved in a Ponzi scheme” and received approximately $1 million in deposits through SFOX, but did not report it to the IRS in 2016, 2017, or 2018. The DOJ and IRS are also seeking information on a “Youtube creator and online gambler” who the IRS estimates received approximately $120,000 in cryptocurrency from their subscribers, exchanged it for U.S. dollars through an SFOX account, but did not report it on their tax return.
“The information sought...
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