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Non-Tech : Auric Goldfinger's Short List
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To: afrayem onigwecher who wrote (11477)4/10/2003 10:58:24 AM
From: StockDung  Read Replies (1) of 19428
 
5 Utahns Indicted for Tax Fraud Conspiracy

By Glen Warchol
The Salt Lake Tribune

A federal grand jury Wednesday indicted five Utah men for conspiracy to defraud the Internal Revenue Service of $5 million.
The indictment alleges David J. Orr, tax lawyers Michael N. Behunin and Todd R. Cannon and certified public accountants Lanny R. White and Max C. Lloyd operated businesses known as Advanta Strategies, World Contractual Services and Cornerstone West LLC.
The men promoted and sold a fraudulent trust scheme to more than 300 clients through seminars, promotional letters and the Internet, the indictment alleges. It alleges that the scheme, which charged clients substantial fees, began in 1993 and operated until December 2002.
The U.S. Attorney alleges the men misled victims by saying they could eliminate or substantially reduce their income tax liabilities by putting businesses, homes, investments and other assets in the names of trusts.
The men then had their clients file false and fraudulent tax returns that omitted all or nearly all of their income taxes owed, the indictment says. The clients were told not to report the trusts.
The indictment also says the defendants, by representing themselves as investment experts, fraudulently took $7 million from clients. The men sold the investments as safe and secure, when they were not.
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