Tag(s): Losers; Losses; Pentagon; Pentagon Failures
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The fraud appeared to be a desperate attempt to hide huge trading losses. Indeed, Mr. Armstrong owes some $1 billion to investors, in both principal and promised gains, prosecutors say. But only $46 million in assets remains in the accounts, they said.
Marc Durant, a partner at Durant & Durant in Philadelphia, said his client vigorously disputed the accusations and maintained his innocence. ''He definitely will fight this,'' Mr. Durant said. ''He disputes how the fiduciary, which was Republic New York Securities, handled the funds and the accounts.
IRS TRIES TO IMPROVE ITS RATE OF COLLECTION
ACCORDING TO EXPERTS, WHERE THERE'S A TAX, THERE'S A WAY TO CHEAT.
Today is tax day. Listen to how easy it was for one man to rip off the Internal Revenue Service:
"My company filed 9,000 returns in 1992, for tax year 1991, which netted approximately $8 million, of that total, I would guess that roughly half of the returns contained false information about dependents, wages or filing status. That year . . . I recognized how easy it was."
Photo: Marc Durant, a Center-City lawyer said big tax cheats are "econmic sociopaths" who will steal from anybody at any time. The rest are basically just regular people...
~> like you and me?
Lexis Article ID: 9501220910
Published on 04/17/1995
all text taken directly from the New York Times, Wall Street Journal and the Philadelphia Inquirer.
3/6/2010 Twenty-four hours and counting...