JOHN HOWE AND OLD HILL PARTNERS ACCUSED OF HARRASSMENT, INTIMIDATION AND RETALIATION AGAINST U.S. WHISTLEBLOWER IN HOWE'S TAX FRAUD AND SEC FRAUD CASE
Watchdog group, Whistleblowers International (WBI) has announced that John Christopher Howe, a private hedge fund manager in Westport, CT, has been accused of using intimidation and retaliation tactics against a U.S. whistleblower.
(firmenpresse) - Stockholm: August 22, 2014:Watchdog group, Whistleblowers International (WBI) has announced that John Christopher Howe, a private hedge fund manager in Westport, CT, has been accused of using intimidation and retaliation tactics against a U.S. whistleblower. The anonymous whistleblower, a Boston man, alleges that Mr. Howe and his private hedge funds engaged in U.S. tax fraud and violations of United States securities law.
The case involves not only John Howe, but also his hedge funds, Patriot Group LLC, Old Hill Partners Inc. and other offshore funds that include Washington Special Opportunity Fund, Inc. (an off-shore Grand Cayman fund), OHP Opportunity Limited Trust (Bermuda).
According to court transcripts and a letter written by the borrower's lawyer to Mr. Howe's attorneys, the whistleblower, who is also a borrower from Mr. Howe's Patriot Group LLC, learned that Howe's fund was committing tax fraud and informed Howe that he was planning to report Howe and his funds to the IRS and SEC. In response, Mr. Howe, in collaboration with two other creditors, forced the borrower into involuntary bankruptcy. The borrower ultimately filed his whistleblower claim with both the IRS and SEC, providing evidence of Howe's alleged tax fraud scheme and securities law violations.
The whistleblower alleges that Mr. Howe "embarked on a campaign to harass and intimidate (the borrower) and destroy his reputation by filing a petition for involuntary bankruptcy," according to a letter from the whistleblower's attorney.
John Stratenberg of WBI notes: "Mr. Howe has two mountains to climb in this case. First, he is a private hedge fund accused of committing tax fraud at a time during which hedge funds are under the IRS's microscope. Second, Howe may have violated the U.S.'s Dodd-Frank anti-retaliation statute for whistleblowers. In the long run, the outcomes may not fare well for Mr. Howe and his group."
The John C. Howe fraud case is certainly not the first of its kind filed in the United States. Since 2003, the United States has seen an increase in whistleblowers coming forward as part of whistleblower programs initiated by the Sarbanes-Oxley Act and the Internal Revenue Service, both offering whistleblowers a reward for successful prosecutions of whistleblower claims.
More recently, whistleblower protections have expanded with the 2010 passage of the Dodd-Frank Act, which grants whistleblowers significant protections against retaliation by the perpetrators they expose as well as significant rewards.
John Stratenberg of WBI further states: "The John Howe case offers a fresh look at Dodd-Frank's new anti-retaliation provision, by testing whether Mr. Howe, an alleged tax fraudster, can harass and intimidate a whistleblower using the U.S. bankruptcy code."
John Howe's alleged tax fraud and securities fraud case could not be more timely as the U.S. Congress holds hearings into tax evasion by hedge funds. A report published by a U.S. Congressional Subcommittee led by Senators Carl Levin and John McCain noted that only one percent of hedge funds are audited, and that hedge funds such as John Howe's funds, are engaging in questionable techniques such as use of "basket options" and "carried interest" to tax its income at lower capital gain rates.
Moreover, the IRS and Department of Justice continue their investigations into U.S. taxpayers who invest in off-shore bank accounts and investments such as those promoted by John C. Howe's Grand Cayman Island Washington Special Opportunity Fund, and its Bermuda-based OHP Opportunity Limited Trust.
About Whistleblowers International (WBI): Located in Stockholm, Sweden, WBI is an international group of independent, investigative reporters, consultants and lawyers whose primary focus is identifying whistleblower cases worldwide, and exposing those cases to the public. WBI also offers confidential legal and administrative support for whistleblowers to assist them in their plight against their alleged perpetrators.
Media Contact:
Jan Bohr, Ph (46) 018-753 84 22
Holländargatan 4, 121 66 Stockholm, Sweden
http://whistleblowersinternationalblog.blogspot.com/
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Datum: 23.08.2014 - 07:50 Uhr
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