Former Moody's Exec Admits He Earned $54M But Didn't File Taxes: Feds

CHATHAM, NJ — A Morris County resident and former executive for Moody's has admitted to not filing his personal income tax returns for several years, said federal officials.

Officials said that John Goggins of Chatham earned a combined $54 million between the years 2018 and 2021 but did not file his income taxes with the Internal Revenue Service.

This income included wages, restricted stock awards, interests and dividends, and gains from stock sales, said U.S. Attorney Philip Sellinger's office.

On April 25, Goggins pleaded guilty in federal court to four counts of willfully failing to file income tax returns, Sellinger's office said.

The 63-year-old was a senior vice president and general counsel for Moody's when he retired last September after more than 20 years with the company, per Law.com.

Court documents alleged that he failed to file returns for approximately $10 million in income in 2018, $11.24 million in 2019, $21.1 million in 2020, and $12.25 million in 2021.

Defense attorney Christopher Ferguson, of the firm Kostelanetz LLP, said Goggins "deeply regrets and has accepted full responsibility" for his failure to file those four returns.

"This is a personal matter that has nothing to do with his work at Moody’s," Ferguson said in a statement. "Much of the taxes associated with Mr. Goggins’s income were withheld at the source and timely remitted to the IRS."

Ferguson added that Goggins has paid $3.2 million to resolve the outstanding taxes, interest, and penalties associated with this case, "and looks forward to putting the situation behind him."

"(Goggins) has been working with tax professionals to ensure that he remains in full compliance with his tax obligations," Ferguson said.

The charge of willful failure to file tax returns carries a maximum potential penalty of one year in prison and a $100,000 fine for each count, or twice the gross gain or loss from the offense.

Goggins' sentencing is scheduled for Sept. 6, officials said.