Wealth Management Co. Accused Of $300M Tax Shelter

Law360, New York (July 13, 2011, 4:27 PM EDT) -- The U.S. Department of Justice on Wednesday sued international wealth management firm SRG International Ltd. and its CEO Tracy L. Sunderlage for allegedly operating a $300 million tax shelter scheme that used sham employee benefit accounts to make offshore investments.

SRG and Sunderlage told clients they could avoid the Internal Revenue Service by making supposedly tax-deductible contributions to so-called welfare benefit plans, ostensibly to provide benefits for their employees, all while routing that money into offshore investments meant for the owner, the complaint alleges.

SRG clients...
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Case Information

Case Title

United States of America v. Sunderlage et al


Case Number

1:11-cv-04713

Court

Illinois Northern

Nature of Suit

870(Tax Suit: Taxes)

Judge

Honorable John W. Darrah

Date Filed

July 12, 2011

Government Agencies

UK Financial Services

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