Published on 11/20/2017 5:32 am
Mr. Thorn’s Ambiguous Activities - $11 Million Dollars in Debt

Anthony Restaino, a well-known Gold Coast accountant,  has investigated an interesting case lately. The case related to a wealthy real estate business owner in Gold Coast, Mr. Mike. He was involved in multiple projects all over Gold Coast. However, he was known for liquidating companies and was ill-reputed for outstanding debts with regard to unpaid tax along with other obligations. Upon investigation, it was revealed that the total amount summed up to more than $11 million.

As this situation called for some serious professional insight, Anthony Restaino was attracted and called of a detailed examination of tax matters of Mr. Mike. During the detailed investigation of the liquidated companies, Anthony Restaino the accountant was able to mark a trail of funds that resulted from selling properties. However, the results revealed that several related-party transactions were carried out and false loans were used so that the proceeds from the sale were received by related parties of Mr. Mike.

When this fact was brought to light, Anthony Restaino had to make sure that all the outstanding debts were recovered and paid. This was helped by tracking how the transactions were made. Not only the transactions were concealed, they were repetitive so as to hide the original source. This may also be classified as money laundering, and Mr. Mike can be held accused of laundering his money. Given the high amounts of debt and his liquidating history, it is highly likely that Mr. Mike has to face serious consequences in the future. He might also not be allowed to operate as a real estate agent in the area.

The investigations from this case resulted in heavy penalties of Mr. Mike along with interest. The system needs to be sure of such scammers who fraudulently escape tax and the government has to bear the burden of their actions. Not only this, but common people also have to bear the added burden.

For more information about tax law, contact Anthony Restaino at Trak Accountants.

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