This was according to a report in the Nassau Guardian. Neil R. Brown confessed to defrauding the United States government of income tax by advising his clients to pay ‘consulting fees’ through offshore trusts and corporations between 1993 and 2000. He also admitted to encouraging investors to utilise employee leasing schemes through offshore companies in Dublin and Gibraltar so as to avoid US income taxes.
Mr Brown pledged to potential investors that he would provide a risk-free 24% return on their outlay and told clients that their money would be placed in guaranteed bank accounts through firms in Dublin. The court has ordered him to pay $4.8 million in restitution to his investors.
By Amanda Banks, for LawandTax-News.com
