Documents in a federal lawsuit show that the Russian-born developer of an oceanfront resort in Daytona Beach controls a company that committed tax fraud.
An investigation by the Internal Revenue Service found that a company controlled by Alexy Petrovich Lysich wired $710,000 to a shell company in the Bahamas and falsely claimed the amount as a business expense.
The IRS ultimately ordered Lysich, a native of St. Petersburg, Russia, to pay taxes on the $710,000.
The Panama Papers, 11.5 million documents leaked in 2015, revealed details of more than 200,000 offshore entities including the shell company in the Bahamas linked to Lysich. The International Consortium of Investigative Journalists has reported that some of the offshore entities have been vehicles for committing fraud, evading taxes and avoiding international sanctions.
Lysich’s links to the Bahamian shell