If anyone - particularly in the greater San Francisco Bay Area - has been trying to sell you on the idea of a Pension Asset Transfer you need to read this!
.
The scheme helped customers improperly avoid income tax on untaxed assets held in their IRAs through the use of a series of transactions with sham businesses, self-employed retirement accounts and understatements of the value of life insurance policies.
.
A complaint filed by the United States Department of Justice said a second scheme called FROCO (Financed Roth Conversion Strategy) allegedly helped customers use annuities to transfer funds from their traditional IRAs to Roth IRAs without paying the proper amount of tax that is imposed on such transfers.
.
.
Ed Lichtig III, an East Bay insurance salesman who runs a business named GSL Advisory, recently agreed to abide by a federal court injunction that orders him to stop promoting TAP and FROCO schemes.
.
Lichtig is or has been recently associated with GSL Advisory and the MV Group. Also, GSL Advisory is a member of FROCOINC.
.
Read more at: Court Orders Walnut Creek - Lafayette Man, Edwin Lichtig III, to Stop Peddling Unlawful Tax Schemes.
.
0 comments:
Post a Comment