Former top lawyer of Moody’s Corp., John Goggins, pleaded guilty last week to deliberately not filing federal income tax returns for four consecutive years, despite earning over $54 million during that period, according to federal prosecutors on Friday.
Goggins, who retired as the general counsel of Moody’s in September 2023, confessed to a magistrate judge in Newark about his failure to file taxes from 2018 to 2021, as per the New Jersey US attorney’s office.
The charges carry a maximum possible penalty of one year in prison and a $100,000 fine for each count, or twice the gross gain or loss from the offense. Potential prison sentences could be consecutive. Sentencing is set for September.
In a statement emailed by his counsel Christopher Ferguson of Kostelanetz LLP, Goggins expressed remorse and took full responsibility for not filing certain personal income tax returns. He has been collaborating with tax professionals to ensure compliance with his tax obligations.
Prosecutors revealed that during Goggins’ tenure as Moody’s senior vice president and general counsel, he amassed $54 million from various sources such as wages, restricted stock awards, options, interest, dividends, and gains from stock sales.
At 63 years old, Goggins pleaded guilty on Thursday to a four-count information, acknowledging his earnings during those years but admitting to not filing any federal income tax returns.
As part of a likely plea agreement with the U.S. Attorney’s office, he faces up to one year in prison and is scheduled for sentencing on September 6.
“Mr. Goggins deeply regrets and accepts full responsibility for failing to file certain personal income tax returns,” stated his attorney, Christopher Ferguson, emphasizing that the issue is personal and unrelated to his work at Moody’s.
Goggins retired from Moody’s last September, and it remains unclear whether Moody’s was aware of the investigation into their former top lawyer.
Prior to his role at Moody’s, Goggins served as counsel at Dow Jones and worked in private practice.
