Jay Allen Sanford 9:31 p.m., Sept. 30
Quintessential San Diego: tax fraud through a trust
And selling stock in a mine that didn't exist
Mark Twain defined a gold mine as a hole in the ground with a liar on the top. Today (Aug. 20) Douglas Ellingson pleaded guilty to investment fraud. He sold more than $2 million worth of stock that was secured by the precious metals produced by a mining company. But the company had not even begun operations.
William Richard Bailey, an osteopathic physician, was arraigned today on eight counts of tax evasion. According to the U.S. Attorney's office, he reported zero income on tax returns from 2004 through 2011. The indictment charges that he set up an unincorporated business trust organization, and opened a bank account in its name. He received checks for his medical work but stuffed them in the trust and reported no income to the Internal Revenue Service, says the U.S. Attorney's office.
More like this:
- Former head of SD company charged in $28 million stock fraud — Jan. 22, 2013
- Former Councilwoman Pleads Guilty to Embezzling $3.5 Million — Sept. 14, 2012
- Wee Folks Get Caught — March 8, 2007
- One Whopper Leads to Another — Sept. 29, 2005
- Faith Scams — Oct. 2, 2003