Articles Tagged with Corey Agee

Chicago-based Stoltmann Law Offices has represented investors who’ve suffered losses from dealing with financial advisors and brokerage firms who recommended questionable tax shelters. Broker-dealers frequently peddle investments that are loaded with false bonuses such as earning a return on an investment plus reaping a generous tax break. Yet often those write-offs garner the attention of the IRS and can trigger a stream of tax troubles.

Syndicated conservation easements were offered as a triple win. By donating your land for conservation purposes, you could take a generous federal tax write-off. Brokers selling these partnership deals promised that for every dollar you invested, you could reap up to $4 in charitable tax deductions. The investments were packaged and sold to thousands of investors. The IRS, however, didn’t approve these partnerships and took 1,400 investors and syndicators to court, claiming the operators shorted the U.S. Treasury of some $11 billion through illegal deductions based on inflated land appraisals. Some of the originators and marketers of the partnerships face jail time.

According to Bloomberg News, “two brothers who pleaded guilty to federal charges — Stein Agee, 42, and Corey Agee, 38 — said they prepared false tax returns for clients and that each received $1.7 million in commissions from 2013 to 2019. They arranged bogus deductions on syndicated land-conservation investments around Asheville, North Carolina, and near the coast in Georgia and the Carolinas, court records show. They each could face as much as five years in prison but would likely receive less time. That’s because they are cooperating with prosecutors in Charlotte investigating an accountant and developer named Jack Fisher, who organized at least 23 such deals across the U.S., people familiar with the probe said.”

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