Saturday, September 9, 2006

Guilty Plea for Multimillion Dollar Tax Evasion

Walter Anderson has been in jail since his indictment in 2005 for failing to pay what the government alleged were taxes on hundreds of millions of dollars he made on investments in the telecommunications industry.  As discussed in an AP story (here), Anderson entered a guilty plea to two tax evasion charges and one count of tax fraud for avoiding paying over $200 million in taxes.  Blog Emperor Paul Caron, who describes the case as the "largest personal tax-evasion case in U.S. history," has a number of links on the TaxProfBlog (here) to various stories about Anderson and, even better, the website  The banner at the top states that it is "a call for reason and fairness in the case of U.S. vs. Walter Anderson," and states that "[h]e has committed no fraud against customers, business associates or employees. He has made substantial contributions to local, national and international communities. The charges against him do not appear realistic, and his continued incarceration seems to be designed to prevent him from preparing for a defense against those charges.  Walter Anderson's fundamental rights are being violated by the US Justice department, in their zeal to get a conviction, any way they can. He is being held without bond, on a charge that virtually everyone else ever so charged was allowed to post bond, or in many cases, were released on recognizance."  The guilty plea will not prevent him for continuing to assert the unfairness shown by the federal government in prosecuting him, but the agreement means that he will be looking at up to ten years in jail.  Because he was held without bail based on a finding that he was a flight risk -- Anderson admitted that he moved hundreds of millions of dollars to off-shore trusts, so the denial of bail was plausible -- the sentence should include credit for that time. (ph)

Prosecutions, Tax | Permalink

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