A St. George man has admitted to selling fraudulent tax-avoidance and investment strategies to clients, with a sum of of nearly $11 million. Henry Brock has pleaded guilty to tax evasion, securities fraud, and wire fraud, and now faces up a possible 25 years behind bars. He is scheduled to be sentenced in March.
Brock would promise investors he could ensure a way to avoid paying any taxes on IRA withdrawals, despite the fact that they would normally face steep fines and penalties for doing so before the allotted time. He would list clients as investors in his business as a means to offset any liability, then would file phony tax returns showing a loss of $3.8 million, and resulting in a tax loss of over $1 million.
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