Offshore Planning Scams
Offshore Planning
The best thing about having money offshore is having to visit it occasionally. Yes, you may save a few bucks from taxes and hide some dinero from your soon-to-be-ex-spouse, but can also get yourself into a whole lot of trouble. Sunny climes are, after all, for shady people. And there are lots of shady people in the offshore havens, people who will lie, cheat and steal to get your money, and then try to extort more money from you by threatening to turn you over to the authorities in your home land.
Exhibit: TERRY NEAL
More Bad News for Terry Neal
Terry L. Neal, Lee E. Morgan, James Fontano and Aaron Young allegedly sold packages to client’s telling them how to avoid paying taxes.
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Terry Neal Arrested -- The very-high-profile author of The Offshore Advantage and other asset protection books and the manager of Nevis American Trust has been arrested for evading U.S. income taxes. Does the IRS intend to squeeze Neal for his extensive clients lists as part of their continuing crackdown on offshore tax fraud?
Exhibit: JEROME SCHNEIDER
Jerome Schneider Plea Agreement
Jerome sells his offshore clients out by agreeing to testify against them in exchange for a reduced sentence after pleading guilty to one count of conspiracy to defraud.
Schneider and Witmeyer Plead Guilty
Department of Justice Press Release.
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Exhibit: MERRILL SCOTT
The most high profile of the "offshore" law firms collapses under allegations of fraud and embezzlement.
Merrill Scott & Associates Receivership
Declaration and Seventh Report of Receiver
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Letter from Merrill Scott's Receiver -- Letter from Merrill Scott's receiver to investors and clients of the former law firm.
SEC vs. Merrill Scott: The most high profile of the "high net worth" law firms is slammed by the SEC for putting its clients into bogus investments, running a pyramid scheme, and embezzling client assets. The perfect example of seemingly legitimate professionals gone bad.
STRANGE! Read the Summary of the Receiver of Merrill Scott regarding the allegations that Merrill Scott misappropriated in excess of $9.5 million in client funds, and then had to break in to their own offices to retrieve their client files! http://www.merrillscott.com/Receivership_Summary.pdf
(in Adobe .pdf format).
Exhibit: MARC HARRIS
Once the rising star of offshore planners, now generally accepted as a scam artist who assists clients with tax evasion and scams them out of their assets at the same time.
Marc Harric v. David Marchant
Commetns by OBNR
Regarding Marc Harris v. David Marchant
Marc Harric Indictment
Marc Harric Indictment
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Marc Harris Loses Appeal -- Harris lost his appeal to the United States Court of Appeals for the 11th Circuit, the court finding "no merit" in Harris' challenges to the District Court's judgment
Marc Harris v. David Marchant and Comments by OBNR
Exhibit: FAKE NATIONS
Be an Ambassador of their "Nation" and much more. Just don't try to go there, because it doesn't exist.
Dominion of Melchizedek
You can become an Ambassador of Melchizedek, join their Bar Association, and even get a Banking License -- all in one stop! The trouble is in finding Melchizedek (which, for those of you who are deficient in geography, doesn't exist).
Kingdom of Enen Kio
Diplomatic & Consulate Titles
These are being promoted as something which will insulate you from U.S. taxes, but you'll be lucky to use them just to get out of parking tickets.
Costa Rica Property Scams
Today you've bought it and gosh is it beautiful. You make plans to retire there, but before your plane leaves the runway, the squatters move in, and now your retirement dreams turn to nightmares.
Hiding Money Offshore
One of the dumbest traps you can get yourself into, but also the most common. Place your money with someone offshore, and hope that they give it back. The problem: They take the money and run, and you can't complain without being prosecuted for tax evasion. Or worse: They extort even more money out of you under threat that they will turn you in for tax evasion. This happens every year for hundreds of millions of dollars -- Would you like to be part of this scene?
Offshore Personal / Private Banks
"Open your own offshore private bank and millions will start to walk into your life instantly!" Yeah, right. Watch a 1/4 million dollar legal and accounting nightmare walk into life instantly.
Unsecured Offshore Credit Cards
For as little as a $200 processing charge, you can get an unsecured offshore credit card with as much as a $5,000 credit limit, but you better be prepared to wait a long, long, lllooonnnggg time for your card to arrive.
Le Club Prive
As we suggested, this offshore investment club has been revealed to be a massive scam; SEC moves to shut it down!
Offshore Books & Seminars
You see them at B. Dalton and in the in-flight magazines: They show beautiful palm trees, Learjets and exotic sports cars, and promise to change your life. Will these books and seminars make you a millionaire basking in the sun, or will your dream vacation be at Club Fed?
Offshore Scams Forum
Open forum where offshore scams and offshore scammers can be freely discussed. Includes offshore investment and tax fraud and the latest goings-on in the Dominion of Melchizedek, Principality of New Utopia, Kingdom of Enen-Kio, the OITC, and other fake nations and world agencies.
Millionaire's Club anyone?
Institute for Financial Learning (IFFL) and Milowe Brost
Colon End Parenthesis Trust scandal
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Offshore Planning Articles
Marshall Islands Ministry of Foreign Affairs Declares "Kingdom of EnenKio" a Fraud
Tax Haven Abuses: The Enablers, The Tools and Secrecy
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