The $1 Billion, "90% Stock Loan" Scam Lingers.
The government complaint filed in the case alleges that these four men and other defendants promoted a so-called "90% Stock Loan" program, using entities located in the United States, Hong Kong and the Isle of Man, that falsely purported to enable customers to contribute appreciated stocks or other securities in exchange for payments equal to 90% of the securities’ value without paying income tax on capital gains.
That's three secrecy jurisdictions assisting fraud.
It's not hard to see the world would be a better place without them.
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What? The Isle of Man assisting in tax fraud ? NO! No! It’s government boasts that it is the most ultra squeeky clean offshore financial centre of them all, is compliant with OECD requirements so no longer a has the pejorative label ‘tax haven’, & it has just received a clean bill of health from the IMF – not that it needs any help from the IMF, & if it did it couldn’t have it anyway.
That said it is the last offshore centre that I would trust with even one penny of my life savings.