Comments Subscribe to Personal Liberty News Feed Subscribe to Personal Liberty

Warning: Offshore asset protection offers can be a scam

August 6, 2009 by  

Offshore asset protection offers can be a scamThe Justice Department has filed a lawsuit against a couple who it alleges run a fraud scheme offering asset protection overseas.

The suit was filed in U.S. District Court in Southern Florida and claims a married couple hid customers’ assets through transactions involving fraudulent foreign trusts, sham foreign corporations and bogus trustees. This created an illusion the businesses were based overseas, when in fact they continued to be owned and operated in the U.S.

It also says the defendants falsely told customers that these transactions made their income and assets exempt from U.S. income tax.

Between 2000 and 2005, the suit further alleges, approximately $28 million was channeled through the scheme, and the U.S. Treasury losses are estimated at $4.3 million.

"The Justice Department and Internal Revenue Service are working vigorously to stop tax fraud schemes and detect those who use them," says John A. DiCicco, acting assistant attorney general for the Justice Department’s Tax Division.

Since President Obama took office, the authorities have intensified their efforts to restrain the practice of offshore asset protection.

They gained additional momentum after politicians gathered at the G20 summit in London in April vowed to crack down on tax havens by introducing cross-border regulation.

Personal Liberty News Desk

Facebook Conversations

Join the Discussion:
View Comments to “Warning: Offshore asset protection offers can be a scam”

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.

Is there news related to personal liberty happening in your area? Contact us at


Sign Up For Personal Liberty Digest™!

PL Badge

Welcome to,
America's #1 Source for Libertarian News!

To join our group of freedom-loving individuals and to get alerts as well as late-breaking conservative news from Personal Liberty Digest™...

Privacy PolicyYou can opt out at any time. We protect your information like a mother hen. We will not sell or rent your email address to anyone for any reason.