(Antigua Sun) The Internal Revenue Service (IRS) is making good on its intention to go after investors who allegedly evaded the United States tax system, while they were clients of Allen Stanford’s offshore banking empire.
The Advocate E-edition is reporting that the former Baton Rouge office of Stanford Trust Co. and the former Houston office of Stanford Group Co. figure prominently in that investigation, IRS Revenue Agent Daniel Reeves told a federal judge in a written declaration. Reeves said the records of thousands of investors need to be checked.
“Some investors may have received income that was unreported and untaxed,” Reeves said in a document that was attached to an IRS request for a “John Doe” subpoena of records of a court-appointed receiver for Stanford assets.
US District Judge David C. Godbey authorised that subpoena 3 Dec., Dallas-based Justice Department tax attorney Manuel P. Lena Jr. confirmed Friday. But Lena would not comment on the case.
Lena’s request to Godbey was for IRS authorisation to examine the records of all U.S.-based investors who placed money with Stanford International Bank.
Lena’s court filings show that much of that money was assigned to the Stanford bank through Stanford Trust Co. in Baton Rouge and Stanford Group Co. in Houston.
Baton Rouge attorney Phillip W. Preis, who represents scores of Stanford investors, said Friday it is important to remember that many investors who lost money to Stanford properly reported their income and faithfully paid their taxes.
