A federal appeals court ruled Wednesday that investors cannot hold the SEC responsible for failing to expose Bernard Madoff’s epic Ponzi scheme. (Source: AP)
MIAMI (CBS4) – A federal judge in Miami has ordered the Miccosukee tribe to turn over financial records to the Internal Revenue Service which has launched a probe into their gambling profits.
U.S. District Judge Alan S. Gold agreed that the IRS can obtain the Miccosukee tribe financial records from entities such as Morgan Stanley and Citibank. Gold rejected the tribe’s contention that as a sovereign nation the records were protected from scrutiny.
Court documents show the IRS is examining whether the tribe failed to report income and withhold taxes on millions of dollars in gambling profits distributed each year to tribal members. The probe covers the years between 2006 and 2009.
The Miccosukees said the IRS is overreaching its government authority and they will continue to fight to protect their sovereignty.
(©2011 CBS Local Media, a division of CBS Radio Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)
