'Charlatan' promoter barred from marketing fraudulent tax schemes

Daniel Andersen, a promoter serving time in prison, was permanently barred from marketing fraudulent tax schemes by the U.S. District Court for the Western District of Washington in Seattle.
AUG 14, 2009
By  Bloomberg
Daniel Andersen, a promoter serving time in prison, was permanently barred from marketing fraudulent tax schemes by the U.S. District Court for the Western District of Washington in Seattle. According to court papers filed by the Department of Justice, Mr. Andersen was a co-founder of the Institute of Global Prosperity, which earned more than $50 million in unreported income between 1996 and 2002 selling tax fraud schemes to approximately 44,000 customers. The institute sold audiotapes, CDs and tickets to offshore conferences “where other charlatans promoted, among other things, bogus trust packages to hide assets and fraudulent schemes that purported to eliminate one's obligation to pay federal income taxes,” the government stated in the motion for entry of default judgment to the court. The firm held a three-day, invitation-only seminar for top salesman at Jekyll Island, Ga., and charged customers $37,000. Global Prosperity customers were told that they could avoid paying income taxes by relinquishing their Social Security number, according to the court papers. Mr. Andersen is in federal prison in California in connection with his promotion of the Global Prosperity scheme, according to the Justice Department.

Latest News

More Americans are invested in the elections than the stock market
More Americans are invested in the elections than the stock market

A substantial number of people in a new 2,200-person survey believe their wealth, their "wallet power" and their retirement timelines are at stake.

Stocks rally to fresh highs as JPMorgan drives bank gains
Stocks rally to fresh highs as JPMorgan drives bank gains

The S&P 500 headed toward its 45th record in the year helped in part by a surprise interest income gain at the Wall Street giant.

Boosting payouts on cash crimps wealth management at Wells Fargo
Boosting payouts on cash crimps wealth management at Wells Fargo

Meanwhile, Wells Fargo’s WIM group reported close to $2.3 trillion at the end of last month.

Another AI-washing case shows where SEC is headed
Another AI-washing case shows where SEC is headed

The Securities and Exchange Commission has focused on "black-and-white" allegations of AI washing, but that could broaden out to a gray area that may loop in more financial services companies, a lawyer says.

High-net-worth giving splits along generational and gender lines, find BofA survey
High-net-worth giving splits along generational and gender lines, find BofA survey

More than nine in 10 HNWIs prioritize charitable giving, but demographics help shape the whys and the hows.

SPONSORED Destiny Wealth Partners: RIA Team of the Year shares keys to success

Discover the award-winning strategies behind Destiny Wealth Partners' client-centric approach.

SPONSORED Explore four opportunities to elevate advisor-client relationships

Morningstar’s Joe Agostinelli highlights strategies for advisors to deepen client engagement and drive success