A Californian businessman has been sentenced to serve over 5 years in jail after being convicted of an international tax and investment fraud that used a series of foreign corporations and trusts located in the Bahamas, according to a report in the Nassau Guardian.
Neil R. Brown confessed to defrauding the United States government of income tax by advising his clients to pay 'consulting fees' through offshore trusts and corporations between 1993 and 2000. He also admitted to encouraging investors to utilise employee leasing schemes through offshore companies in Dublin and Gibraltar so as to avoid US income taxes.
Mr Brown pledged to potential investors that he would provide a risk-free 24% return on their outlay and told clients that their money would be placed in guaranteed bank accounts through firms in Dublin. The court has ordered him to pay $4.8 million in restitution to his investors.
.
Network Tweets
Network BlogsContent
provided by
|
Archive | Resources | Partners | Site Map | Links | Newsletter Archive | Contact | RSS Feeds | About | Syndication | Advertising & Marketing | Recruitment | Terms & Conditions | Privacy & Cookies
Copyright © 2012 - All Rights Reserved - Tax-News.com
IMPORTANT NOTICE: Tax-News.com has taken reasonable care in sourcing and presenting the information contained on this site, but accepts no responsibility for any financial or other loss or damage that may result from its use. In particular, users of the site are advised to take appropriate professional advice before committing themselves to involvement in offshore jurisdictions, offshore trusts or offshore investments.
Write a comment