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Aegis Fund Value - Abusive Trust Schemes

IRS agents recently began arresting seven defendants, including an attorney and tax return preparers, in Illinois, Indiana, New York and Alabama who, along with an eighth defendant in South Carolina, were indicted in Chicago on federal tax fraud charges. Six of the defendants allegedly participated in a nearly decade-long conspiracy to market and sell sham domestic and foreign trusts through The Aegis Company (Aegis Fund Value)to some 650 wealthy taxpayer clients throughout the United States to hide hundreds of millions of dollars in income, resulting in a tax loss to the United States of $68 million, making the case one of the largest of its kind.

Following a lengthy undercover investigation of Aegis Fund Value by IRS agents, code-named "Operation Trust Me," and the seizure of nearly 1.5 million documents, computer files and related materials, a federal grand jury in Chicago returned a 51-count indictment against six of the defendants. Indicted separately in connection with the so-called "abusive trust" scheme were two Chicago area certified public accountants, and another accountant/tax preparer who was charged earlier. Nationwide, the Chicago-based investigation has resulted in six convictions in central Illinois and Tampa, Fla., and pending charges against another defendant in Buffalo, N.Y. Additional charges are expected against Aegis Fund Value, Treasury and Justice Department officials said.