• Live
    • Audio Only
  • google plus
  • facebook
  • twitter
News > World

New Panama Papers Implicate Dozens of Americans

  •  The Panama Papers are a massive and historic leak of confidential documents that reveal how the rich use tax havens to hide their wealth.

    The Panama Papers are a massive and historic leak of confidential documents that reveal how the rich use tax havens to hide their wealth. | Photo: Reuters

Published 9 May 2016
Opinion

Most of the U.S. citizens cited in the documents bought shell companies or overseas trusts with the help of Mossack Fonseca.

At least 36 Americans have been accused of fraud and other financial misconduct, the International Consortium of Investigative Journalists reported Monday, as the latest batch of Panama Papers were leaked.

RELATED:
Live Updates: New Panama Papers Detail 200000 Offshore Accounts

Among the three dozen individuals listed by the ICIJ, which has managed the investigation and release of the leaks, is former American football player Leonard Gotshalk.

Gotshalk, who played for the Atlanta Falcons during the 1970s, supposedly gave Panamanian law firm Mossack Fonseca a US$3,055 wire transfer to open a shell company in the British Virgin Islands, a popular tax haven, in 2010.

WATCH: The Daily Brief: Major Panama Papers Data Drop Expected Today

The former sportsman was investigated by the Securities and Exchange Commission three days after making the payment, when federal prosecutors in Philadelphia unsealed an indictment against him in a scheme that used kickbacks to inflate the price of technology stocks.

ANALYSIS:
Panama Papers in Latin America: 8 Key Facts We Know so Far

Most of the U.S. citizens cited in the documents bought shell companies or overseas trusts with the help of Mossack Fonseca, which is at the center of the scandal.

Although purchasing shell companies is not illegal, it is illegal for the companies to be used for laundering, fraud or tax evasion purposes.

A new batch of documents, selected from the over 11.5 million documents of the Panama Papers, went live at 2:00 p.m. ET on Monday.

The new data can be accessed from the ICIJ through a searchable database and includes the names of directors and shareholders of more than 200,000 entities set up through Mossack Fonseca, as well as intermediary agencies involved in running accounts.

Comment
0
Comments
Post with no comments.