HEY SEK
Promoter of Abusive Trust Arrangements Sentenced to 87 Months in Prison
On October 1, 2007, in Raleigh, N.C., Howell W. Woltz, president of Sterling Trust Ltd. in Nassau, Bahamas, was sentenced to 87 months in prison, to be followed by three years of supervised release. Woltz pleaded guilty to tax fraud and money laundering charges. According to his plea agreement, Woltz promoted offshore "dual trust" arrangements to individuals in the United States for the purpose of evading federal income taxes. As part of these arrangements, customers opened off-shore bank and debit card accounts. From on or about September 23, 2004, through March 2005, approximately $20 million was transferred to offshore bank accounts controlled by entities in Anguilla created by Woltz and his wife through Sterling Trusts Ltd. Woltz admitted he knowingly laundered or caused to be laundered approximately $7 million for his clients.
irs.gov |
