IRS Sued by Economist After His Bank Was Shut Down [Video]

The Internal Revenue Service is being sued by a prominent economist after it allegedly failed to fulfill a Freedom of Information Act (FOIA) request.

Peter Schiff filed, in District of Columbia District Court, a lawsuit against the IRS on July 30, accusing the government agency of withholding information pertaining to him and the shutdown of his Puerto Rico-based Euro Pacific International Bank (EPB). It was closed by financial sector regulatory body the Office of the Commissioner of Financial Institutions (OCIF) in June 2022 as part of Operation Atlantis.

“The Office of the Commissioner of Financial Institutions (OCIF) of Puerto Rico issued a Cease and Desist order and suspended the operations of Euro Pacific International Bank,” an IRS statement, published June 30, 2022, read.

Schiff’s lawsuit claims the IRS failed to deliver the relevant information requested by Schiff on time after he denied the IRS an extension to the time period …