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California Advisors Jailed For Sales Of Fraudulent Trusts To Evade Taxes
Dorothy and George Henderson sold packages of bogus trusts to evade taxes and generate fraudulent tax deductions, receiving 13 year and 6 ½ year sentences, respectively.
The trusts were sold to doctors, dentists and consultants who would transfer their businesses, homes and assets into the trusts. The clients, however, continued to control their assets as managers of the trusts. Other wrongs included inappropriate deduction of expenses, such as lawn care and house cleaning.
Additionally, the couple perpetrated an even more complex scheme for their wealthier clients with the use of offshore trusts, according to the Justice Department release.
Source: Investment News, March 26, 2001
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Sponsored by James J. Eccleston, an attorney representing stockbrokers, financial planners and
investors nationwide in arbitration, litigation and regulatory matters, and a shareholder with the law firm
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P.C.(www.snsfe-law.com). This Web site contains material
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