Booker was accused of failing to file Reports of Foreign Bank and Financial Accounts (FBARs) and filing false documents with IRS.
The indictment alleges Booker operated the trading company from Venezuela, Panama and his former home in Fort Lauderdale. He allegedly failed to disclose his interest in accounts held in Switzerland, Singapore, and Panama on annual Reports of Foreign Bank and Financial Accounts for calendar years 2011 through 2013. That failure also triggered charges he filed false income tax returns for tax years 2010 through 2012 by failing to report those accounts.
In addition, Booker is charged with filing a false “Streamlined Submission” in conjunction with the Streamlined Domestic Offshore Procedures. The procedures enable those who fail to report income on foreign accounts, pay taxes on that income or submit an FBAR to voluntarily disclose their actions to the IRS.
The indictment alleges Booker’s failure to use those procedures was due to non-wilfull conduct.
Booker faces a maximum sentence of five years in prison for each count failing to file an FBAR and a maximum sentence of three years each of the counts related to filing false tax documents.