Two men pleaded guilty Friday to charges of conspiracy and aiding the filing of a false tax return in what Internal Revenue Service officials have called a "staggering" cheat of the tax system.
Former Quellos Group CEO Jeffrey Greenstein, 48, and his business partner, Charles Wilk, 51, admitted an investment plan they created, called POINT, was a "fraudulent tax scheme" that generated $9.6 billion in fake losses to offset capital gains of its wealthy clients.
Quellos pleas
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Demosthenes
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Quellos pleas
http://seattletimes.nwsource.com/html/l ... on11m.html
Demo.
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Re: Quellos pleas
"Prosecutors said that Point, or Portfolio Optimized Investment Transactions, used sham securities transactions to allow their users to shield $1.3 billion in capital gains from federal taxes.
"The judge fined both defendants and ordered them to perform community service. In addition, both still face jail terms of up to six years.
"Mr. Greenstein, a resident of Mercer Island, Wash., will pay a fine of $6.4 million and be required to lecture on business and legal ethics at his alma mater, the University of Washington School of Business."
A $240 million tax fraud case and Greenstein faces only six years maximum in prison.... I thought there were minimum sentences based on the size of the fraud, it looks like the blindfold was taken off lady justice in this case.
"The judge fined both defendants and ordered them to perform community service. In addition, both still face jail terms of up to six years.
"Mr. Greenstein, a resident of Mercer Island, Wash., will pay a fine of $6.4 million and be required to lecture on business and legal ethics at his alma mater, the University of Washington School of Business."
A $240 million tax fraud case and Greenstein faces only six years maximum in prison.... I thought there were minimum sentences based on the size of the fraud, it looks like the blindfold was taken off lady justice in this case.
'There are two kinds of injustice: the first is found in those who do an injury, the second in those who fail to protect another from injury when they can.' (Roman. Cicero, De Off. I. vii)
'Choose loss rather than shameful gains.' (Chilon Fr. 10. Diels)
'Choose loss rather than shameful gains.' (Chilon Fr. 10. Diels)