Tuesday, March 17, 2009

IRS Seeks to Recover $227 Million in Unpaid Taxes From Stanford

A financer from Texas is in big trouble with the IRS, and they are doing all they can to recover the money he owes. Check out the story below, thanks to Bloomberg.

Investors in R. Allen Stanford’s Antiguan bank may have to get in line behind the Internal Revenue Service as they seek to recover money from the alleged swindler.

The IRS asked a judge to let it continue to seek at least $226.6 million in back taxes from Stanford, the Texas financier accused of running an $8 billion Ponzi scheme.

The motion was filed on March 13 in the U.S. District Court in Dallas, where a court-appointed receiver is sorting out claims for more than $1 billion in assets frozen in customer accounts and in gold coins and bullion seized last month.

“The IRS shall file a fairly significant claim against R. Allen Stanford,” agency lawyer Manuel Lena Jr. wrote in the so- called motion to intervene in the case brought against Stanford by the Securities and Exchange Commission.

Stanford’s federal tax bill has swelled to twice the amount previously reported as penalties and interest piled up, and it may grow further because Stanford hasn’t filed his 2007 tax return, Lena said in the court filing.

Ralph Janvey, the court-appointed receiver, will file his response in court today, answering more than 45 groups of investors that have requested permission to join the SEC’s case against Stanford and his companies.

Janvey has already released $4.1 billion in frozen Stanford investor accounts. Only accounts linked to certain executives and employees, the bullion division, and accounts containing investments at Antiguan-based Stanford International Bank remain under the court-ordered freeze.

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