Island tax havens factor into Romney’s business success
LA Times 12/17/07 article reported:“While in private business, Mitt Romney utilized shell companies in two offshore tax havens to help eligible investors avoid paying U.S. taxes, federal and state records show.
Romney gained no personal tax benefit from the legal operations in Bermuda and the Cayman Islands. But aides to the Republican presidential hopeful and former […]
Aide to Illinos Governer Indicted for Unreported Income
“Christopher Kelly, a close advisor to Illinois Gov. Rod R. Blagojevich and chief fundraiser on his two campaigns for governor, was indicted Thursday on federal tax fraud charges, accused of understating more than $1.3 million in personal and business income on tax returns for five years, federal authorities said.”See LA Times article Illinois governor sees […]
Tax Haven Abuse: Walter Anderson Case
The 8/1/06 Report: United States Senate (Permanent Subcommittee on Investigations/Committee on Homeland Security and Governmental Affairs), Walter Anderson Case:
Anderson: Hiding Offshore Ownership.
This case history examines actions allegedly taken by a wealthy American to hide hundreds of millions of dollars in stock and cash offshore by disguising his ownership of the corporations that controlled those assets […]
Tax Haven Abuse: (Wyly case) (Artwork, Jewelry)
The 8/1/06 Report: United States Senate (Permanent Subcommittee on Investigations/Committee on Homeland Security and Governmental Affairs), (Wyly Case) Artwork, Jewelry (excerpted pages 287-288):
(7) Spending Offshore Dollars on Artwork, Furnishings, and JewelryDuring the thirteen years examined in this Report, at least $30 million in untaxed, offshore dollars were spent to purchase furnishings, artwork, and jewelry for […]
Tax Haven Abuse: (Wyly case) (U.S. Real Estate)
The 8/1/06 Report: United States Senate (Permanent Subcommittee on Investigations/Committee on Homeland Security and Governmental Affairs), (Wyly Case) U.S. Real Estate (excerpted pages 273-276, 287, 360):
(a) Real Estate Transactions in GeneralFrom 1992 to 2005, multiple U.S. real estate properties used by Sam and Charles Wyly for personal residences or business ventures were funded in whole […]
Tax Haven Abuse: (Wyly Case) (Hedge Funds)
The 8/1/06 Report: United States Senate (Permanent Subcommittee on Investigations/Committee on Homeland Security and Governmental Affairs), (Wyly Case) Hedge Funds (excerpted pages 242-243):
(a) Supplying Offshore Dollars to Hedge Funds
The Wyly-related offshore entities’ invested more than $250 million in untaxed, offshore dollars in two hedge funds known as Maverick and Ranger. Both of these hedge funds […]
Tax Haven Abuse: (Wyly Case) (Compensatory Stock Options)
The 8/1/06 Report: United States Senate (Permanent Subcommittee on Investigations/Committee on Homeland Security and Governmental Affairs), (Wyly Case) Compensatory Stock Options (excerpted pages 163-167, 174, 194-195):
(2) Transferring Assets Offshore
Assets can be transferred offshore in a number of ways. In this case history, the Wyly assets were transferred offshore in three groups of transactions, several years […]
Tax Haven Abuse: (Wyly Case) (Foreign Trust; U.S. Tax Issues)
The 8/1/06 Report: United States Senate (Permanent Subcommittee on Investigations/Committee on Homeland Security and Governmental Affairs), (Wyly Case) Foreign Trust Tax Issues (excerpted pages 136 – 139):
(a) Background on Trusts
Trusts are established for a variety of reasons, including by persons seeking to provide for the economic security of family members, manage their estates, or fund […]
Tax Haven Abuse: (Wyly case) (Beneficial Ownership under Anti-Money Laundering Laws)
The 8/1/06 Report: United States Senate (Permanent Subcommittee on Investigations/Committee on Homeland Security and Governmental Affairs), Wyly Case, Beneficial Ownership under Anti-Money Laundering Laws (excerpted pages 296 – 300):
Hiding Beneficial Ownership
From 1992 to 2004, the 58 offshore trusts and corporations in the Wyly offshore structure opened numerous accounts at prominent securities firms in the United […]
Tax Haven Abuse: (Wyly Case) (Beneficial Ownership under Anti-Money Laundering Laws)
The 8/1/06 Report: United States Senate (Permanent Subcommittee on Investigations/Committee on Homeland Security and Governmental Affairs), Wyly Case, Beneficial Ownership under Anti-Money Laundering Laws (excerpted pages 296 – 300):Hiding Beneficial Ownership
From 1992 to 2004, the 58 offshore trusts and corporations in the Wyly offshore structure opened numerous accounts at prominent securities firms in the United […]
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