Thursday, May 07, 2009

Court bans sham gold mining tax scheme

A sham tax scheme promising huge profits from Arizona and Colorado gold mines has been shut down by a federal judge in Seattle. According to a report on Mineweb.com, William H. Camp, Jr., of Washington, D.C., is permanently barred from promoting a mining expense scheme, because, "The court found that MIDAS participants usually made no investment of their own funds, but instead used funds obtained from the IRS by filing amended tax returns claiming bogus gold mining development deductions to receive large tax refunds for earlier tax years."

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