Citadel’s Ken Griffin Sues IRS for Leaking Financial Data

Market News: Citadel's Ken Griffin sues IRS.
Market News: Citadel’s Ken Griffin sues IRS.

[Bloomberg] Billionaire hedge fund manager Ken Griffin sued the US Internal Revenue Service, claiming it failed to protect his confidential financial information. 

The Citadel founder is seeking financial damages over a data breach that resulted in ProPublica’s publication of information on a number of the wealthiest people in the US. He accused the IRS of “willful and intentional failure to establish appropriate administrative, technical, and/or physical safeguards.”

The lawsuit, filed Tuesday in federal court in Florida, also names as a defendant the US Treasury Department, which includes the IRS.

The IRS didn’t respond to a request for comment on the suit, per Bloomberg reports.

“IRS employees deliberately stole the confidential tax returns of several hundred successful American business leaders,” Griffin said in a statement in response to a request for comment.

“It is unacceptable that government officials have failed to thoroughly investigate this unlawful theft of confidential and personal information. Americans expect our government to uphold the laws of our nation when it comes to our private and personal information — whether it be tax returns or health care records.”

Related: Ken Griffin Speaks Out on Retail and FTX Collapse

Ken Griffin Net Worth

Ken Griffin Net Worth
Market News: Ken Griffin sues IRS | Ken Griffin Net Worth Update – Bloomberg, Franknez.com.

Republicans, who won control of the House of Representatives in last month’s election, have pledged to use their newfound power to investigate the breach and the IRS response.

Government officials who have expressed concern about the leak include Treasury Secretary Janet Yellen, who referred to it as “criminal activity” and vowed to work with federal investigators to find the source. 

The ProPublica report said billionaires including Jeff Bezos and Elon Musk had in some years paid minimal or no income tax even as their fortunes soared.

It outlined the tax strategies available to the top 0.1%. 

Ken Griffin reported an average annual income of almost $1.7 billion between 2013 and 2018 and paid an average federal tax rate of 29.2% during that time, ProPublica reported. 

Griffin, 54, has a net worth of $29 billion, according to the Bloomberg Billionaires Index.

Michael Bloomberg, majority owner of Bloomberg News parent Bloomberg LP, was also among those included in the reporting.

Related: Ken Griffin Spent $54 Million to Fight a Tax Increase on The Rich

Ken Griffin Lawsuit 2023

In his lawsuit, Griffin says he requested that the IRS and Treasury demand ProPublica return or destroy confidential IRS data and provide him with information about the disclosure of his tax data, and hasn’t seen “any meaningful response.”

He asked the court to order the defendants to produce documents related to the disclosure of his tax information, as well as for the monetary damages.

Ken Griffin Sues IRS
Ken Griffin sues IRS news, Source: Document.

The case is Griffin v. Internal Revenue Service, 22-cv-24023, US District Court, Southern District of Florida.

Source(s): Bloomberg.

Curated by Frank Nez.

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4 Comments

  1. T

    Tax his mouth shut

  2. Chris Brandsma

    Isn’t that ironic. The guy steals every day from retail, routes our orders through the dark pools and coludes with RH to take away the buy button to halt stocks climb and he sues the IRS?

    Hey IRS while your at it let the mega rich pay their fair share. The arguement that the rich make jobs in the countries they are taxed in and would pull jobs away if taxes go up is a crock. Countries like Canada and the U.S. should tax them like everyone else and if you move business because of that then there’s an automatic tariff on your products.

  3. pokerplayer59

    Looks good on him. While I don’t condone this type of criminal activity, if it had to happen to someone, I’m glad it’s him.

  4. FrankNez

    Let’s start a discussion! Leave your thoughts below.

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