FED TAX CHEAT OWES $210M (hid income from taxman offshore in BVI, Panama)

NY POST ^ | March 1, 2005 | PAUL THARP

[Liz]

The feds have arrested a high-living telecom executive as the largest-ever tax cheat — who owes $210 million to the Internal Revenue Service.

Investigators said Walter Anderson, 51, earned as much as a $500 million on his telcom wheeling-dealing during the industry's heyday in the early 1990s, but evaded paying taxes on his fortune by using off-shore scams.

Anderson, who lives in Washington, D.C., was arrested at Dulles International Airport when he arrived from a London trip.

Anderson was described as a big-spender and art collector, who owed back taxes on luxury items such as rare wines, jewelry and fine art, including Salvador Dali paintings.

The Justice Department called it the biggest case ever prosecuted against an individual.

Anderson was accused of hiding income by using offshore corporations in the British Virgin Islands and Panama and a mailbox in the Netherlands.

He also claimed to a resident of Florida, which has no state income tax, so that he could avoid paying local income tax........

"He was living the high life," said IRS Chief Mark Everson. "Because of his dishonest dealings, Mr. Anderson's lavish lifestyle was subsidized by honest, hardworking Americans."

Anderson started a long-distance telecommunications business in the early 1990s as the industry was being deregulated. His first company, Mid-Atlantic Telecom, merged with Esprit Telecom and Telco Communications Group in 1992, and Anderson allegedly formed offshore corporations in the Virgin Islands to hide his profits and involvement in the companies......

Anderson allegedly tried to obscure his ownership further by creating another offshore corporation in Panama, under the alias Mark Wroth, and used a mailbox in the Netherlands.

[Liz]

"He was living the high life," said IRS Chief Mark Everson. "Because of his dishonest dealings, Mr. Anderson's lavish lifestyle was subsidized by honest, hardworking Americans."

Proves once again, the high rollers and high flyers are spending OPM (Other People's Money).

[hocndoc]

He wasn't subsidized - he was cheating in order not to subsidize others by taxation.

If only he had applied his genius to cutting the tax bill for us all..

[OldFriend]

Too bad he wasn't arrested sooner, years sooner......slick willie could have added him to the pardon parade.

[Flavius]

This cant be right, wealthy people dont pay taxes

[leadpenny]

Middle Class Americans were subsidizing him. Smoke the deadbeat criminal.

[leadpenny]

Looks like this one didn't.

[sure_fine]

but....but, Bill Clinton said it was ok!?!?!?

[Walkingfeather]

what do you wanna bet there is a clinton connection?

[Liz]

More to the point is if this character was aggressively bringing suitcases full of cash to the BVI or Panama, it's likely his business practices---besides accounting---were not so trustworthy as well. May be more of a case for the FTC or SEC than IRS.

Besides, I have the ideal solution: we get a law passed which compels travel agents to report names of businessmen booking travel offshore (snicker).

[KidGlock]

earned as much as a $500 million on his telcom wheeling-dealing during the industry's heyday in the early 1990s

Blame the Texas governor....

Ooops. Ann Richards was governor then.

Now who do we blame?

[Stretch]

Stretch...The Old Geezer here.

OK Bloggers. Youse guys that do all the digging and posting, it's time to dig into campaign donations to the dems in the Clinton years. I'm too damn dumb to do it myself, but I sure do support all you guys who do. Maybe Michelle Malkin or the great Alamo Girl can do some digging for us.

There's just got to be a clinton tie here somewhere???

[Liz]

....earned as much as a $500 million on his telcom wheeling-dealing during the industry's heyday in the early 1990s...

(Sniffle) The guy's a "victim" (sob).

[metesky]

Contributor	Candidate or PAC	Amount	Date
ANDERSON, WALTER C WASHINGTON, DC 20036	LIBERTARIAN NATIONAL COMMITTEE (LIB)	$1,000 primary	05/26/99
ANDERSON, WALTER WASHINGTON, DC 20036 ICOMNET	VOTERS FOR CHOICE/FRIENDS OF FAMILY PLANNING	$250 primary	05/04/95
ANDERSON, WALTER WASHINGTON, DC 20036 TELECOMMUNICATIONS	VOTERS FOR CHOICE/FRIENDS OF FAMILY PLANNING	$1,000 primary	01/03/95
ANDERSON, WALTER WASHINGTON, DC 20036	VOTERS FOR CHOICE/FRIENDS OF FAMILY PLANNING	$250 primary	07/11/94
ANDERSON, WALTER WASHINGTON, DC 20036	VOTERS FOR CHOICE/FRIENDS OF FAMILY PLANNING	$500 primary	12/29/93
ANDERSON, WALTER WASHINGTON, DC 20036	VOTERS FOR CHOICE/FRIENDS OF FAMILY PLANNING	$250 primary	01/05/93
Data Provided by the Federal Election Commission as of 2/28/05 -- 11,549,177 records

[fooman]

' He also claimed to a resident of Florida, which has no state income tax, so that he could avoid paying local income tax, authorities said.'

Wait, Rush claimed this too! Maybe we should prosecute Rush too.

[peyton randolph]

Although I'm pro-life, Walter's contributions make him a prime candidate for a retroactive abortion. All we need is a coat-hanger and a good judge to impose the sentence.

[Glenn]

Are the editors at the NY Post on strike? What awful writing.

[Liz]

Rush IS a resident of Fla.....the story says this guy CLAIMED to be a resident....big difference.

[Liz]

Yeah, particularly since he is apparently not "perfect," is "inconvenient" to the culture and is a "burden" on the taxpayers.

[cynicom]

IRS as usual is bloviating its BS. The man owes millions but because of his wealth, they will quietly settle for pennies and say nothing. Little man would be in jail.

[fooman]

Uh pretty much anyone could claim to a resident of any state at any time.

I would want PROOF that he is not a resident. I would be surprised if he did not have a residence there.

States like NY attempt to place undue burden residents who leave to rightly escape taxes.