Category: Tax Cases

Jury Convicts Southern Illinois University-Carbondale Professor of Concealing Foreign Bank Account from the Internal Revenue Service

Benton, Ill. – Dr. Mingqing Xiao, 60, of Makanda, Illinois, was convicted by a federal jury on  Wednesday, May 4, 2022, in connection with lying to federal authorities about a foreign bank account in China in 2017, 2018, and 2019.

Dr. Xiao, a mathematics professor, and researcher at Southern Illinois University-Carbondale was convicted of three counts of  Making a  False or  Fraudulent  Statement to the  Internal  Revenue Service (IRS) on his tax returns and one count of Failure to File a report of a Foreign Bank Account (FBAR).   Evidence presented at the trial established that Xiao opened a foreign bank account at Ping An Bank in

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COVID-19 FRAUD:  Federal Bureau of Investigation                

The Federal Bureau of Investigation and the Small Business Administration Office of Inspector General initiated an investigation into the submission on behalf of five businesses of fraudulent Paycheck Protection Program (PPP) loan applications for approximately $800,000 each.  BSA data played an integral role in identifying numerous leads on subjects associated with the fraud and to identify the flow of fraudulent funds.  The BSA records also helped uncover a separate scheme by the main subjects of the investigation involving fraudulent auto loans.

Authorities seized a vehicle valued at $125,000, jewelry, over $120,000 in cash, and over $3 million fr

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U.S. INDIVIDUALS ALLEGED TAX CRIMINALS BY DENMARK Part III. SETTLEMENT REACHED WITH NORTH CHANNEL BANK In August of 2020, the North Channel Bank offered an unusual statement in their website addressing the indictment proceedings of the Kingdom of Denmark against North Channel Bank. Below are excerpt
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U.S. INDIVIDUALS ALLEGED TAX CRIMINALS BY DENMARK

Part II.

INDIVIDUALS AND COMPANIES IDENTIFIED.

As discussed in Part I. of this continuing Article, Denmark is vigorously looking for the 6 individuals who have allegedly defrauded the Government of Denmark of more than $2.1 billion via a dividend-tax scam.  Three of the 6 individuals are US citizens and as the year-long investigation continues, more individuals and entities will be named.  

The German lender, North Channel Bank, is now added to the list of those committing economic malfeasance and 3 of the above-mentioned individuals were/are owners of North Channel Bank.  Denmark continues to name their mastermind behind this scheme as the hedge fund f

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On April 13, 2021, the Danish State Prosecutor for Serious Economic and International Crime publicly named and charged 3 U.S. residents and 3 British residents with defrauding the Danish tax authorities of more than US$176 million in a sham trading scheme called “cum-ex” which is Latin meaning
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Robert F. Smith

Background and Non-Prosecution Agreement

INTRODUCTION:

Mr. Smith in 2020, at the age of 57, entered into a Non-Prosecution Agreement, NPA, with the IRS.   Let’s look at what I believe happened to Mr. Smith to cause his personal and professional life to intersect with potential Criminal Prosecution with the United States Government.  Let’s also see what could have been done differently to head off such a horrible outcome to his reputation, his freedom, and a lifelong stain on his legacy.

Finally, let’s see if this is now the end of Mr. Smith’s criminal and civil problems with the successful negotiation of this NPA.

PART I.

Background

10.82 Expedited suspension (a) When applicable. Whenever the Commissioner, or delegate, determines that a practitioner is described in paragraph (b) of this section, the expedited procedures described in this section may be used to suspend the practitioner from practice before the Internal Rev