In Uncategorized on 04/13/2021 at 17:07

Judge Elizabeth Crewson Paris spends 41 (count ’em, 41) pages, and IRS details two (count ’em, two) attorneys, to deal with William E. Flynn, 2021 T. C. Memo. 43, filed 4/13/21.

The said Flynn went down for 108 months plus 3 years’ supervised probation in USDCWDMI (affirmed 6 Cir) for a little scheme called Access.

“Petitioner and his fellow conspirators at Access represented that Access was a successful investment organization with a history of returning large profits to clients. They promoted Access’ connections to little-known, high-yield investment opportunities in world markets that were not available to the general public. Petitioner and his co-conspirators further represented to investors that their principal would be kept in guaranteed accounts in a major world bank and would not be at risk. Access claimed to operate as a tax-free church despite having had no churchlike organization, no building, no worship services, and no activities of a religious nature. Petitioner and his co-conspirators told investors that their returns on their investments would be nontaxable if they purchased a ‘church sub-chapter’ package from Access. Many of the investors Access attracted were retirees who transferred their entire retirement accounts to Access on the representation that Access was eligible to receive the funds in those accounts as nontaxable rollovers and that the investors’ profits would be tax free.” 2021 T. C. Memo. 43, at p. 4.

Billy and his buddies swindled people to the tune of $20 million. Billy himself “… used the funds he received from Marcusse [another crook] and the Access scheme to purchase his personal residence, two bars, and three airplanes as well as to pay for construction of new Billy’s [a bar he ran] and to generally support his lifestyle. In addition, the razzle-dazzle of Billy Flynn’s loan applications enticed the lenders to approve multiple loans to him and his various entities in amounts exceeding $550,000, and the payments on the loans were made from his previously described bank accounts.” 2021 T. C. Memo. 43, at p. 34.

Billy goes down for fraudulent nonfiling.

We can stop here.


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