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Democrat Rep Caught with over $30M Nonprofit Funds Stashed in Offshore Cayman Islands Account
Democrat Rep. Daniel Goldman (D-NY) has been caught with over $30 million in private nonprofit funds stashed in an offshore Cayman Islands tax haven account.
Goldman’s organization reported investments worth $32.2 million that are being held in the Cayman Islands, a popular tax haven for wealthy investors and hedge funds.
The funds are being held on behalf of the Richard W. Goldman Family Foundation.
Goldman, one of the wealthiest members of Congress, founded the charity a decade ago with his two siblings in memory of their father.
The organization’s claimed goal is to “promote equality” and eliminate barriers for the disadvantaged.
The foundation has investments worth $6.1 million and $26.1 million, respectively, in two private funds based in the Cayman Islands.
The funds are being funneled offshore by the U.S. firm BBR Partners LLC, according to the group’s most recent tax filings.
Documents filed with the Securities and Exchange Commission (SEC) show the two funds, BBR Equity Long/Short Ltd. and BBR Absolute Return Ltd., are organized in the Cayman Islands.
SEC documents list Goldman as the financial director for the Goldman Foundation.
As the financial director, Goldman has full control over where and how its assets are managed.