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special report - nevada\'s big bet on secrecy

by:Newland     2019-08-25
Carson City, Nevada (Reuters)-Aaron S.
Young Wayne Andre mcminite and Richard C.
Nisiengel has two things in common.
Everyone has built a thriving business that helps people build shell companies in Nevada that have little real operation.
Everyone served a federal prison sentence for a financial felony.
Yang was jailed for 14 months for hiring Nevada shell to help clients evade taxes.
McMiniment was jailed for three years for theft and telecom fraud in taxes
It also includes the evasive action of the inner Huada shells.
Neiswonger has been working for 14 months on suspicion of wire fraud and money
In get-rich-quick scheme.
In creating business, the existence of former criminals is an extreme example of corporate vulnerability in the United States.
Nevada has spawned a thriving consultancy industry to help companies seeking to avoid liability and disclosure, as Washington calls on other countries to increase transparency in capital flows.
Ten years ago, Nevada enacted some of the country\'s most lenient corporate disclosure and liability laws to stimulate the state\'s economy.
It protects company executives and directors from liability for breach of duty, malice and selfdealing -
Acts that can serve as the basis for litigation in other states.
Today, the business of registered companies in Nevada is booming, many of which are shell companies.
Nevada has become the second state.
The largest number of registered enterprises per capita is second only to Delaware, which is a long-term leader.
State Business
In 0. 108 billion fiscal year, the filing department generated $2010 in revenue, up from $43 million (
28 million)in 2002.
At the same time, according to a study published by Mihar Barzuza and David C. March, Nevada has attracted a large number of companies with unstable financial reports.
Smith of the University of Virginia.
On average, between 2000 and 2008 per year, 14.
5% of the state-of-the-art companies in Nevada have re-declared their accountants; 12.
Reported net income decreased by 6% per cent; and 1.
The study found that 3% of people were investigated by fraud charges or regulators. Nationally, 8.
5% of the company re-reported the accounts, 7.
3% reduced their reported net income by 0.
9% persons were charged or investigated for fraud.
Nevada has also become a hotbed of a key subset of shell companies listed on the stock exchange.
Private ateraise, a financial consultancy, said 588 of the 1,215 companiestraded U. S.
It monitors shell companies, or nearly half of them registered in Nevada.
Public shells, the back door for foreign listings in the United States, were reviewed by regulatorsS.
The market, because buyers can get a listing without an Initial Public Offering Review.
Barzuza of the University of Virginia said that in fact, Silver State is marketing itself as low
Area of Responsibility, attracting owners who are more likely to report problems.
\"Nevada almost hangs a \'ban law\'
\"Sales signs,\" she said.
Most Nevada companies are here. board.
The same is true for most shell companies: for example, they are used by companies to build side businesses under different brands.
Companies can use the shell for legitimate secrets, such as storing the intellectual property they don\'t want to let their nosey competitors know about what they have.
But supporters in Nevada are taking a step further, promoting the state as an oasis of anonymity, and even an oasis of impunity for business owners.
Wayne McMiniment\'s website statement-
State officials say, to some extent, the truth is --
Nevada corporation protects any individual \"from personal liability for acts committed by the Corporation on behalf of the corporation.
\"Aaron Yang\'s company has promoted the state to avoid the eyes of tax officials:\" It\'s very difficult to unveil a company in Nevada, \"the company\'s website said.
Richard Neiswonger\'s promotional literature has marketed Nevada as an alternative to offshore tax havens: \"This provides your customers with the highest level of privacy and asset protection without leaving the country
Officials in Nevada are not that far away, but they start with secrecy.
\"The unveiling of the company in Nevada requires the presence of \'fraudulity\' or \'obvious injustice, \'\" said Secretary of State Ross Miller, who oversees business registration.
\"This is the highest standard of personal compensation.
State leaders say their corporate laws are an economic boon, adding that as early as 2007, the state began to step up enforcement of financial fraud.
\"We are proud to be home to thousands of companies involved in legitimate business and maintaining the country\'s economic development,\" Secretary of State Miller said in an interview . \".
\"As the number of documents we submit increases, you have to realize that we will have some bad apples, and that\'s the cost.
He added that some registered companies falsely advertise Nevada as \"a safe haven for criminal activity\" and he plans to crack down on those companies.
Three companies run by Young, McMiniment and Neiswonger have created or represented more than 14,000 companies in Nevada in total.
More than 3,000 of these companies were hit by state and federal tax liens and civil judgments, or were named in federal civil and criminal cases.
According to court records, federal investigators accused the companies of being vehicles used for financial fraud, stock fraud, money laundering and tax evasion.
Reuters reported in detail the former heavy criminals found at mass
Registration of officials in Nevada.
In response, Miller said he plans to introduce a bill banning repeat offenders from operating companies.
In early September, he announced the establishment of a corporate ownership fraud working group to combat the abuse of company rules in Nevada.
His deputy, Robert E, said: \"Our office always responds to actionable leads related to violations of our criminal laws . \"
Walsh said in an email, \"Reuters\'s specific information about Nevada\'s heavy criminals, mass companies, shells, tax evasion and fraud is sure to be more formal in our awareness of
The task force on jurisdiction may be required at this time.
\"The most famous is the home of anything --
Ten years ago Las Vegas, a gambling city in Nevada, tried to make the company more attractive to merge here.
The bill passed because lawmakers thought it was a way to attract real new businesses and charge fees from people who started the company.
Some people opposed the move.
\"We hold a sign that says \'dirty ball and tear\'
At the time, Democratic state senator Dana Titus said in a debate about the bill.
Today, she said, \"The harm is greater than good for the reputation of individuals and Nevada.
These changes have reversed the trend of economic growth in the United States. S.
At the beginning of the last decade, Washington began putting pressure on the rest of the world to clean up unfair financial flows and increase corporate transparency to combat terrorist financing and tax evasion.
But in the United States, there are states that have free merger laws.
Like Delaware, Wyoming and Nevada.
It is a magnet for enterprises seeking secrecy.
All three states allow \"nominees\" to represent real company directors and executives and exclude their names from public records, making the law more difficult --
It was identified by law enforcement officers, regulators and investors. Law-
Law enforcement officials say it is difficult to investigate fraud due to lax disclosure of information. The U. S.
A federal report, the money laundering threat assessment, released in 2006, said Nevada, Wyoming and Delaware were the \"most accommodating jurisdictions in the United States\" that created shell \", compete with offshore ports such as the Cayman Islands and Panama.
But little has been done to address these gaps.
Not everyone in Nevada has seen the problem.
The formation of the company is supervised by states in the United States. S.
Basically unregulated.
This is a good reason to make it easy to start a business is essential for a strong economy.
Nevada\'s merger system is a popular low.
Some scholars say that cost is another option for companies with limited capital.
\"I don\'t think the law has significantly changed the business environment.
\"Fraud is not openly permitted by law,\" said Larry E . \"
Vice President Ribstein studied at the University of Illinois. Richard C.
Neswinger has been sued twice by the Federal Trade Commission and has been approved by four states in half
More than a dozen times since the middle
Fake marketing business and get-1980 srich-quick schemes.
In 1998, he was sued by a Missouri federal prosecutor for cheating entrepreneurs to pay more than $10,000 to become financial advisers.
He pleaded guilty to telecom fraud and money laundering and was sentenced to 18 months in prison in Las Vegas and ordered a refund of $2.
75 million to customers
As a condition for his release, he agreed that the Department of Justice would stop using deception to market business opportunities and potential profits.
But from 1998 to 2007, including when he was in prison, nesselengel and two associates were able to carry out a large-scale operation --
Prosecutors say the company produced shell this summer.
The trio operates a company called APG Marketing and a related company called APG Inc. ;
The initials represent the asset protection group.
According to the criminal indictment filed in the United States in July 5, these operations are at the heart of the \"asset and income concealment program\"S.
Nevada District Court
They have set up more than 2,800 shell companies in Nevada, helping more than 1,000 customers evade US sanctions. S. taxes.
Neiswonger was charged with 30 charges of mail fraud, wire transfer fraud and money laundering.
Prosecutors said the operation had carefully used the shells.
A way to help clients hide ownership of assets through Nevada shell.
Another company helps to transfer revenue to Nevada, which does not have state companies or individual income taxes to evade other state and federal taxes.
The third transfers the client\'s cash overseas through a collection account.
In order to hide the revenue of customers, they opened at least 900 bank accounts with disguised company owners.
The indictment states that in order to create false debts that customers can deduct from the IRS tax declaration, they have set up 416 false liens.
At least 69 Neiswonger customers have evaded federal taxes totaling more than $30 million, the IRS said.
According to the documents submitted by the IRS in the Federal Trade Commission civil action, a client is Charles Philip Maxwell, a Nashville resident.
Court records show that Maxwell has a history of fighting with the IRS.
In his five lawsuits against the tax office, he claimed to be a citizen of the \"sovereign Republic of Tennessee\" and was therefore exempt from federal taxes. He lost.
Maxwell allegedly used a shell company in Nevada called the South land investment company.
Set up by APG to hide assets when he owes $8,394. 62 in taxes.
The IRS is trying to collect the money from a bank account held in the name of South Nevada.
Internal records from APG show that Maxwell is a \"real account holder\", the IRS said \".
Maxwell, 60, denied any ownership of the South.
In an interview, Maxwell said the federal judge who authorized the IRS to confiscate funds from the Bank of South China account was a \"common thief \".
\"There is no personal responsibility for income tax,\" he said . \".
The IRS declined to comment.
The Federal Trade Commission heard about Neiswonger\'s new action and filed a civil suit on April 2006, demanding fines and contempt orders for his previous violations of deceptive marketing bans.
Neiswonger has been operating the APG program until 2007, when Nevada was informed of complaints from the Federal Trade Commission and revoked the license for APG Marketing and APG Inc.
In July 2008, the United StatesS.
The Missouri district court found netherengge in contempt and fined him $3. 2 million.
A related criminal case was filed this summer;
Netherengel pleaded not guilty.
David Chesnoff, a lawyer for Neiswonger, said his client was unable to comment.
The case shows that the authorities are facing challenges in regulating Shell\'s abuse of power.
The Open Court recorded the criminal history of nishionger.
But no state needs to do business.
Registered expert who is licensed.
No state prohibits convicted criminals from forming, selling or representing companies, including tax evasion and other white people --collar crimes. In the U. S. , white-
Leading criminals are often considered to have repaid their debts to society and are free to restart their careers after serving their sentences.
When authorities try to contain the commercial activities of people with felony records, they sometimes run into barricades.
On December 1998, Wayne Andre McMiniment, who admitted to wire transfer fraud, was sentenced to 52 months in prison and 3 years of supervised release and ordered a refund of $1.
9 million to customers
According to the indictment filed by the United States, in addition to stealing from customers, he also helped them evade taxes by creating Nevada shell, which owns offshore bank accounts. S.
Nevada District Court
Mcminit served three years in Las Vegas prison.
As part of the probation, the court prohibits McMiniment from \"engaging in the work, consultation, or any association with any business as an officer, agent, or acting director of any corporate entity or business during the period of supervision.
But prosecutors claim that, shortly after his release, mcminit returned to Nevada\'s first holding company, which oversees operations and is headquartered a mile from Las Vegas.
On October 2003, the prosecutor accused mcminit of potentially using Nevada\'s first holding company to \"engage in the same criminal activity as his conviction, and, according to the court records of the case, asked the court to prohibit him from participating in the company. Judge Philip M. Pro of U. S.
The Nevada district court rejected the request.
The order of the judge is sealed;
Could not determine the reason for rejecting the request.
According to the office of Nevada\'s secretary of state, Nevada\'s first holding company\'s license was revoked last year for failing to submit an annual official list.
But the company is still open.
McMiniment confirmed in an email that Nevada still offers the company and mail in the first place
Forwarding service.
The company is promoting the sales of Nevada companies and a variety of complex shell companies, known as shelf companies, with years of tax filing and other records behind them.
His company has set up or represented 1,170 companies in Nevada.
Records in Nevada show that 103 of them are still active.
Many customers have tax problems.
Nevada No. 1 holding company has an address at 1117 Desert Lane, Las Vegas.
A review of the tax liens and judgments of companies registered there found that more than 40 companies were required to pay more than $1.
Over the past six years, 5 million people have come from state and federal tax collectors and creditors.
The IRS last year raised a tax lien on Mike miniment for $15,835, four of which were worth more than $48,000 for the first time in Nevada since 2008.
The IRS declined to comment.
Mcminit says he runs a legitimate consulting firm.
\"NFH is one of the smallest registered companies in Nevada and it turns out that it has never violated any laws of the state or its customers,\" he said in an email . \".
\"My personal defense of wire transfer fraud has nothing to do with NFH or its clients, and as later ruled by Pro judge, Judge Pro authorized me to continue to represent NFH.
The office of the Secretary of State said that if Nevada\'s first holding company is shown to remain open after the revocation of its licence, the state could be subject to civil penalties.
Before being asked about the company\'s past, the Office of the Secretary of State did not know the criminal records of Aaron Young and Lee Morgan, two executives of the registered expert Laughlin Association.
According to the indictment filed on June 2003 in the United StatesS.
Local courts in Oregon, Yang and Morgan have helped dozens of people evade U. S. sanctions. S.
Taxes in a plan led by their mentor Terry L.
Neil, author of tax.
Minimum manual called \"Offshore Advantage.
The three have set up domestic and overseas shell companies to hide revenue, and then help clients who control those companies file false tax returns, the indictment said.
Neil, Yang and Morgan provide a tax climax.
Escape service
The indictment states that it includes \"income divestiture\" where a client charges a false company for consulting services, which were later falsely deducted as a business charge on the tax return.
There are false mortgages and false insurance policies to reduce the declared income of tax returns.
Customers can pay taxes on parking
According to the indictment, the company evaded funds in offshore brokerage accounts or group bank accounts and withdrew money through credit cards related to offshore banks.
Yang was charged with seven charges for helping clients evade tax fraud and conspiracy in the United States. S.
According to a federal court in Oregon, taxes on assets hidden behind hundreds of shell companies in Nevada and the Caribbean.
Morgan was charged with 12 counts.
\"These companies have no employees, no business premises, and no business,\" the prosecutor wrote in the indictment . \".
A year later, both Yang and Morgan admitted to assisting or filing false tax returns.
The two men served 14 months in prison.
Leader Neil was sentenced to six years in prison.
Neil and Morgan did not respond to requests for comment.
Yang said he played a small role in the fraud and attributed his conviction to \"innocence \".
Today, says Yang, Laughlin\'s colleagues are \"as clean as a whistle \".
However, some of his clients are in trouble.
Laughlin headquarters is located at 2533 Carson Street north of Carson City.
A review of the tax liens and civil judgments issued by companies registered at that address over the past 10 years found that more than 230 of companies were required by government agencies and other creditors, more than $13 is required.
Taxes and debts were allegedly owed 3 million.
About 120 of liens and sentences have been issued since Young was released from prison.
Young said companies and civil judgments hit by tax liens accounted for only 2% of the 10,000 companies that Laughlin has represented in the past 10 years.
The review also identified a listed shell company represented by the Laughlin Associates whose shares were accused of being targeted for shares
Manipulation scheme.
Laughlin is a registered agent in New Jersey.
Over-listed companies basedthe-
According to Nevada\'s records, the counter market is called the European solar park.
European solar companies call themselves builders and operators of solar energy
Energy plants in Europe.
The European solar company has the characteristic of Shell, and there are few obvious practical operations.
In a recent submission to the Securities and Exchange Commission, the company reported that there had been no income generation in the past two years and that as of June, assets had been only $16,618.
A man who answered the phone number listed for the headquarters of Eurosolar said he had nothing to do with the company.
The chief executive cannot be reached.
Federal prosecutors in the Eastern District of New York have accused two equity promoters of trying to illegally manipulate Euro Solar\'s share price.
From February to the third month of the year, stock promoters Joseph Catapano and Michael pilvianzi, together with other brokers, provided a 30% commission to an undercover government agent, holds 3 million shares of European solar and holds shares for at least six months.
In the absence of recognition or denial of the allegations, Catapano and Piervinanzi were permanently prohibited from participating in penny-
Stock trading on July, the amount of fines to be determined.
The Justice Department withdrew the criminal charges in September and was entitled to resubmit the charges later.
Lawyers for Piervinanzi and Catapano said their clients could not comment.
Yang said authorities had not contacted his company about the case.
\"I don\'t know what customers do to the company they provide us with,\" he said . \". The tax-
As early as 2006, Aaron Young and his associates had drawn the attention of Senate investigators.
The standing subcommittee on Senate investigations detailed their actions in a report entitled abuse of tax havens: contributing factors, tools and secrecy.
When asked if Senate investigators knew Young was returning to the company\'s business, a senior staff member involved in the preparation of the report replied in an email: \"No, it\'s incredible.
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