Rhode Island Asset Protection News

JUSTICE DEPARTMENT TO HALT FLORIDA MAN’S  ASSET PROTECTION SCHEMES

WASHINGTON, D.C. - Today the Department of Justice filed suit in federal court in Tampa, Florida, to stop David Marvin Swanson of Sarasota, Florida, from allegedly promoting an illegal tax scam that involves the use of sham trusts and limited liability companies. The government simultaneously filed a motion asking the court to enjoin Swanson immediately from these activities. In addition, the government also seeks a complete list of Swanson’s customers.

According to the papers filed with the court, Swanson, who also does business as Dynamic Monetary Strategies, allegedly promotes his system of sham trusts - called “unincorporated business trust organizations” or “UBTOs” - and limited liability companies on his website and in a manual he sells to customers. The manual and website refer to Swanson’s schemes as a form of “asset protection,” which the lawsuit claims is a mere ruse for the illegal tax avoidance which is the real focus of his activities. While he now works alone, the lawsuit alleges that he was formerly an associate of Florida-based Carel “Chad” Prater, who in 2002 was ordered by the Tampa federal court to stop his schemes. The lawsuit explains that Swanson’s system-which he has sold to hundreds of taxpayers-is intended to help his customers illegally drop out of the tax system, making it difficult to detect their tax evasion.

Contact a Rhode Island Asset Protection lawyer today and get a free consultation!

	Did You Know?
	Conservation Easement is a legal agreement A Conservation Easement is a legal agreement reached voluntarily between a landowner and a land trust that protects water quality, wildlife habitat, scenic vistas, agricultural productivity and other conservation values permanently restricts the use of property by current and future landowners keeps property in private hands. Donating some or all of the development rights to a qualified, tax-exempt organization like the Washtenaw Land Trust, and meeting other specific conditions, allows a landowner to be eligible for certain tax benefits.