378 Million Dollar Judgement Against Monex?
mrearlygold
Posts: 17,858 ✭✭✭
Anyone see this?
Tuesday, June 24, 2008
U.S. sues Monex, spinoffs for 1980s taxes
Government seeks $378 million from Newport Beach precious metals dealer.
By RONALD CAMPBELL
The Orange County Register
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Monex, the giant Newport Beach precious metals dealer, is fighting the federal government again.
The stakes this time: $378 million in taxes and penalties that the government says Monex has dodged for more than two decades.
Monex attorney Michael Cohen predicted the U.S. would drop the lawsuit and settle the case "without any material impact on Monex's business."
Assistant U.S. Attorney Andrew Pribe did not return two phone calls seeking comment.
Starting 40 years ago with a Long Beach coin shop, Louis Carabini built Monex into a multibillion-dollar business. Along the way he has repeatedly battled the federal government in court over regulations and taxes. The Commodity Futures Trading Commission, Securities and Exchange Commission and Federal Trade Commission all have sued Monex or other Carabini companies.
He has gotten the closest scrutiny from the Internal Revenue Service. In a series of cases the IRS demanded back taxes from 1975 through 1984. The IRS claimed that Monex dodged taxes by investing in abusive tax shelters.
The new lawsuit, filed June 13 in U.S. District Court in Santa Ana, seeks to collect on a 1998 settlement for more than $100 million. With interest and penalties, the bill now totals $378.2 million, according to the complaint.
MONEX
Tuesday, June 24, 2008
U.S. sues Monex, spinoffs for 1980s taxes
Government seeks $378 million from Newport Beach precious metals dealer.
By RONALD CAMPBELL
The Orange County Register
Comments 0| Recommend 0
Monex, the giant Newport Beach precious metals dealer, is fighting the federal government again.
The stakes this time: $378 million in taxes and penalties that the government says Monex has dodged for more than two decades.
Monex attorney Michael Cohen predicted the U.S. would drop the lawsuit and settle the case "without any material impact on Monex's business."
Assistant U.S. Attorney Andrew Pribe did not return two phone calls seeking comment.
Starting 40 years ago with a Long Beach coin shop, Louis Carabini built Monex into a multibillion-dollar business. Along the way he has repeatedly battled the federal government in court over regulations and taxes. The Commodity Futures Trading Commission, Securities and Exchange Commission and Federal Trade Commission all have sued Monex or other Carabini companies.
He has gotten the closest scrutiny from the Internal Revenue Service. In a series of cases the IRS demanded back taxes from 1975 through 1984. The IRS claimed that Monex dodged taxes by investing in abusive tax shelters.
The new lawsuit, filed June 13 in U.S. District Court in Santa Ana, seeks to collect on a 1998 settlement for more than $100 million. With interest and penalties, the bill now totals $378.2 million, according to the complaint.
MONEX
Coin's for sale/trade.
Tom Pilitowski
US Rare Coin Investments
800-624-1870
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Comments
<< <i>The stakes this time: $378 million in taxes and penalties that the government says Monex has dodged for more than two decades. >>
Geez....!!! The feds got my taxes.....!!!....
<< <i>Anyone see this?
Tuesday, June 24, 2008
U.S. sues Monex, spinoffs for 1980s taxes
Government seeks $378 million from Newport Beach precious metals dealer.
By RONALD CAMPBELL
The Orange County Register
Comments 0| Recommend 0
Monex, the giant Newport Beach precious metals dealer, is fighting the federal government again.
The stakes this time: $378 million in taxes and penalties that the government says Monex has dodged for more than two decades.
Monex attorney Michael Cohen predicted the U.S. would drop the lawsuit and settle the case "without any material impact on Monex's business."
Assistant U.S. Attorney Andrew Pribe did not return two phone calls seeking comment.
Starting 40 years ago with a Long Beach coin shop, Louis Carabini built Monex into a multibillion-dollar business. Along the way he has repeatedly battled the federal government in court over regulations and taxes. The Commodity Futures Trading Commission, Securities and Exchange Commission and Federal Trade Commission all have sued Monex or other Carabini companies.
He has gotten the closest scrutiny from the Internal Revenue Service. In a series of cases the IRS demanded back taxes from 1975 through 1984. The IRS claimed that Monex dodged taxes by investing in abusive tax shelters.
The new lawsuit, filed June 13 in U.S. District Court in Santa Ana, seeks to collect on a 1998 settlement for more than $100 million. With interest and penalties, the bill now totals $378.2 million, according to the complaint.
MONEX >>
I think they should call Ronnie Deutche she is a previous IRS commissioner that is her own tax lawyer and has been saving people 97 cents to every dollar owed. I read some guy owed $845,000 back taxes and paid a mere $4,444.00 plus her costs. OMG could this be a saint in Florida?