Hedge Fund Renaissance Technologies To Pay $7bn To Settle Back Taxes » Scammer News

 Hedge Fund Renaissance Technologies To Pay $7bn To Settle Back Taxes » Scammer News

Current and former executives of hedge fund Renaissance Technologies will personally pay as much as $7bn in back taxes, interest and penalties to settle a long-running dispute with the Internal Revenue Service, the firm said, a tax settlement that may be the largest in history.

James Simons — the quantitative-investing pioneer who started Renaissance before retiring as the firm’s chairman on 1 January — will make an additional “settlement payment” of $670m, according to the firm. Simons will also pay back taxes related to his gains.

The dispute relates to moves the firm’s key Medallion fund took between 2005 and 2015 to convert short-term trading gains into long-term profits. It has been closely followed in the worlds of finance and politics because of the enormous amounts involved and because Renaissance’s leaders are among the largest political donors in the US.

A former math professor and code breaker,…

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