Texan cricket mogul Stanford asked to pay up 162 m pounds in back taxes

March 17th, 2009 - 6:31 pm ICT by ANI  

Washington, Mar.17 (ANI): The US Inland Revenue Service is pursuing cricket mogul Sir Allen Stanford for 162 million pounds through American courts.
According to the Daily Express, The US Government is asking a judge for permission to go after Stanford for at least 162 million pounds in back taxes, penalties and interest owed.
The Texas billionaire is accused of conducting an 5.7 billion pound investment fraud through an offshore bank.
The Internal Revenue Service tax agency filed a request at a court in Dallas to also order Stanford to file his income tax return for 2007 by April 15.
The cricket mogul and his wife Susan may owe taxes in addition to the 162 million pounds for 1999-2003, the IRS said in court documents.
The Securities and Exchange Commission in a civil proceeding charged Stanford with fraud last month. He has been ordered to surrender his passport but has not been charged with a crime.
The IRS filed four tax liens against Stanford in 2007 and 2008. In August, the Stanfords requested a due-process hearing by the IRS” Office of Appeals to contest a lien filed in July for tax years 2002 and 2003 and a notice of intent to collect back taxes, the IRS said.
The IRS said the Stanfords had also contested the validity of what it says are their tax liabilities for those two years.
Stanford’’s personal fortune has been estimated at 1.6 billion pounds by Forbes magazine. His assets were frozen and put into receivership after the SEC lodged its civil complaint against him on February 17. (ANI)

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