Liberal Dark Money Outfit Faces IRS Complaint Over Alleged Bait-And-Switch Scheme
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User ID: 69226408
08/16/2023 05:26 PM
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"Watchdog asks for investigation into Arabella Advisors following Free Beacon report on group's alleged misdeedsQuoting: Anonymous Coward 69226408
Americans for Public Trust on Tuesday filed an IRS complaint alleging Arabella and its founder, Clintonworld insider Eric Kessler, misled authorities in order to gain control of five dark money funds that have since distributed billions of dollars to Democratic pet projects. The groups secured tax-exempt status in 2006 by claiming Arabella would only provide temporary administrative support. Nearly two decades later, the funds remain under Arabella’s yoke and have paid the consultancy a combined $330 million in management fees for the pleasure.
"Eric Kessler created one of the most complex and sophisticated dark money networks influencing U.S. politics and policy today," Americans for Public Trust executive director Caitlin Sutherland said. "Now, it appears as though he misled the IRS and may have illegally personally benefited by rerouting nonprofit cash back into his own pocket through Arabella Advisors."
The IRS had concerns that Kessler was set to derive illegal profits from New Venture Fund, the largest of Arabella’s funds, when the charity sought a tax-exempt charter from authorities in 2006. "
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