Financial Guru Charged With Tax Fraud

Remember Wade Cook? Me neither.

Federal prosecutors accuse Wade B. Cook, 56, and his wife Laura of concealing nearly $8.9 million in seminar fees and book royalties from 1998 to 2000.
Wade Cook conducted hundreds of the seminars on asset protection, stock investing, real estate acquisition and avoidance of income tax, the U.S. attorney’s office said in a statement. His books include “Wall Street Money Machine,” “Wealth 101” and “Business by the Bible.”
In tax returns filed for 1998, 1999 and 2000, the couple reported adjusted gross incomes of about $350,000 annually while concealing the additional millions, prosecutors contend.
According to court papers, the Cooks created a phony tax-exempt entity that purportedly was to benefit the Mormon Church but did not. In fact, documents said, the Cooks were concealing royalty income they spent on such things as show horses, his-and-hers Cadillacs and a $20,000 baby grand piano for an associate.

Posted by on December 2nd, 2005 at 5:17 am


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