How To Hide A Billion Dollars: Three Techniques The Ultrarich Use To Dodge Ex-Spouses, The Taxman And Disgruntled Business Partners

At 81, high-frequency trading pioneer Ed Bosarge is in court battling ex-business partners, the founder of a stem cell clinic of which he took control and the wife he dumped. She says he’s got billions stashed in a constantly changing array of offshore and South Dakota trusts.

“This is a women’s rights issue,” says Cynthia Cole, a protester who is also a local official with the American Federation of State, County and Municipal Employees. “He’s getting older, he’s got a new pony,” she says, “and he doesn’t want to appreciate who got him here.” In a deposition taken late last year Bosarge disclosed he is the beneficiary of South Dakota trusts holding $800 million in appraised assets and $280 million in cash. And he likely has even more socked away in trusts in the Bahamas, the British Virgin Islands and Malta, Marie and her lawyers believe.

Marie contends that the compounding value of Ed’s hard work—accrued for years inside African Tudor—was really community property. That’s crucial, because all the subsequent trusts were apparently seeded by African Tudor assets. According to court documents, in 2001, with cash flows from Quantlab ramping up, all the assets of African Tudor were apparently transferred, by Rattay, into two new trusts she settled, the North Boulevard Trust and the MAS Trust .

While trusts paid the expense of his businesses and an increasingly lavish personal lifestyle, Bosarge showed comparatively modest income on his personal tax returns—or at least a purported copy of the couple’s 2014 joint tax return shows $1.67 million in gross income. When he did need cash, Ed explained in a deposition, he would get “replenished” via a distribution from one of the trusts. Ed said he instructed trust employees to keep $200,000 in cash in safes at his various properties.

Such lack of transparency is key to the effectiveness of asset protection trusts. “It’s proprietary. You’re not allowed to know,” Marie’s attorney Bucky Allshouse complained in a hearing this past February. “We don’t know what assets went in there and whether they’re contributing community assets or separate assets or whether they were there from the very beginning,” he said. “It’s their burden to prove it’s separate property. They haven’t done it.

Pls do keep us on the loop of how things go

I'm Muslim from Pakistan I am very poor please help me

United States Latest News, United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Commercialising quantum computersDozens of startups are competing with the incumbent tech giants to invest in quantum computing Quantum computers are like nuclear bombs. Some states may have them but they can never be used. Unless of course we decide to annihilate the world as we know it. basarab84 Pessimists think the same.
Source: TheEconomist - 🏆 6. / 92 Read more »

Ronaldo’s $105 Million Year Tops Messi And Crowns Him Soccer’s First Billion-Dollar ManSoccer’s two biggest names have been dueling for a decade over who’s the best—and highest-paid—in the sport. The battle is far from finished. Oh its on like popcorn oh its on!! Who is the real goat now? Oops!!!!..... But i thought Messi is paid More than Ronaldo 😂😂...... The GOAT on and off the pitch
Source: Forbes - 🏆 394. / 53 Read more »

Delta expects jet retirement charges of up to $2.5 billion in third-quarterDelta Air Lines said on Friday it expects to record an up to $2.5 billion charge in the current quarter related to retirements of aircraft. Anyone who has ever flown a CRJ is rejoicing. JebBrooks
Source: Reuters - 🏆 2. / 97 Read more »

Small businesses are 'suffering,' ex-Trump adviser Gary Cohn says“We&39;re going to get a return on investment from the children of this country being educated, they&39;re going to join the workforce and they&39;re going to be productive ... " Yahoo, did you hear of this thing called Covid? Yahoo news is the blame there's liberal Democrat trash In need of some Rethuglican Rogaine....and ASAP!
Source: YahooNews - 🏆 380. / 59 Read more »

The Absolute Best Way to Cook Chicken Thighs, According to So Many TestsColumnist Ella Quittner set out to find the juiciest, crispiest, yummiest technique in town. ellaquittner In this house, we sear+400° ellaquittner lowgrady This is my everything. ellaquittner Where are the grill or smoker methods?
Source: Food52 - 🏆 113. / 63 Read more »

Dodgers can thank Rich Hill for Walker Buehler's blistering return in win over A'sWith a little help from Rich Hill and the Dodgers' in-house Blister Whisperer, Walker Buehler put in a fine start in a 5-1 win over the Oakland Athletics.
Source: latimes - 🏆 11. / 82 Read more »