By Matthew Vadum -- MatthewVadum.com——Bio and Archives--April 27, 2020
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David Brock, who was described by Time magazine as “one of the most influential operatives in the Democratic Party,” is accused of illegally transferring millions of dollars from a nonprofit to a for-profit entity. Brock, the founder of Media Matters for America and a longtime ally of the Clintons, is under investigation for possibly violating tax laws. Far-left Super PAC American Bridge 21st Century was founded by Brock in 2011, which included the nonprofit group American Bridge Foundation. The AB Foundation is accused of transferring $2.7 million in tax-exempt assets to True Blue Media, a for-profit company owned by Brock that is the parent company of ShareBlue, a for-profit media company now known as The American Independent, according to the Daily Caller. American Bridge Foundation’s transfers to True Blue Media were disclosed in the nonprofit’s Form 990s filed to the IRS in 2017 and 2018. Patriots Foundation, a right-leaning government watchdog, alleged that the transactions violated Internal Revenue Service rules that prohibit nonprofit organizations from using tax-exempt resources to pay personal or private expenses of any key figures connected to the nonprofit. The Iowa-based watchdog filed a complaint with the IRS.It couldn’t have happened to a nicer guy.
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Matthew Vadum, matthewvadum.blogspot.com, is an investigative reporter.
His new book Subversion Inc. can be bought at Amazon.com (US), Amazon.ca (Canada)
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