IRS Cooperator Left To Eat $2.6M Cost In Fraud Investigation

Law360, New York (June 3, 2015, 5:04 PM EDT) -- A California federal judge axed a lawsuit Tuesday filed by a financial lending company asserting the IRS refuses to return $2.6 million the company purposefully loaned to customers using fraudulent identities in order to aid an agency investigation, saying the suit is barred by government immunity.

Snyder & Associates LLC initially flagged and blocked the fraudulent loans, but after it spoke with the IRS and learned of its investigation into the offending taxpayer, Snyder allowed the checks to clear at the agency's request. Snyder says the IRS promised to repay the refunds, but the money never came, and Snyder sued under...

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