The “Offshore Money Man” Sentenced to 60 Months in Federal Prison

According to the IRS

That is the title that he gave himself. Edward T. Woodger was sentenced to sixty months in federal prison and ordered to pay restitution of $2,943,865. Woodger, a salesperson for “World Contractual Services” promoted and sold a fraudulent trust scheme designed to evade federal income taxes.

In seminars, promotional materials and opinion letters, World Contractual Services fraudulently misrepresented to customers that their tax liabilities could be lawfully reduced by placing businesses, homes, investments and other assets into a trust's name. Woodger admitted that he and his co-conspirators caused the preparation of more than 2,000 false and fraudulent federal income tax returns that cost the federal Treasury between $2,500,000 and $5,000,000.

He admitted a list of things from co-mingling funds, misappropriating investments and failure to disclose on tax documents. His customers lost between $2.5M and $5M/