(TheRedWire.com) – Former Trump campaign chairman and advisor Paul Manafort have agreed to a $3.15 million payout in order to settle a civil case with the Justice Department regarding his foreign bank accounts which he had not previously disclosed on his tax forms.
The U.S. District Court for the Southern District of Florida approved the settlement on Feb. 22. The case was brought forth by the Justice Department originally last April. In their original complaint, the Justice Department had claimed that Manafort had not provided disclosures in his tax forms regarding some bank accounts he held internationally. These included bank accounts relating to his consulting business, DMP International, in Cyprus, St. Vincent and the Grenadines, and the United Kingdom.
As per the settlement, Manafort is now required to pay $3.15 million in fines and interest for his failure to disclose these bank accounts by filing Reports of Foreign Bank and Financial Accounts (FBAR) with the IRS for the 2013 and 2014 tax years. According to the current taxation scheme, U.S. people must file an FBAR with the IRS if they have bank accounts under their name that contain more than $10,000 in assets.
In 2018, Manafort was found guilty of eight charges of bank and tax fraud and sentenced to close to four years in prison. He was later pardoned in December 2020 by former president Donald Trump.
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