Rampant Greed Leads To Devastating Consequences For Family

The Baker family was prosperous, they possessed a valuable stake in several gyms, owned multiple properties, and seemed to be living the perfect life. However, greed got the better of them and saw the family using a series of illegal trust to avoid taxes with millions invested in a get rich quick ponzi scheme. As a result, they were faced with a vengeful IRS going after a diminished fortune to which they responded by doubling down and going with a sham divorce to hide what assets they had left. In the end, they were exposed in court for fraudulent transfers and will lose what ever wealth they have left.

This story is an excellent example that many people will go to any lengths to avoid paying what is owed and will often windup in a worse situation. When faced with a client that is plainly willing to do anything to avoid taxes and creditors, approach them with caution and make sure they know the limits of what is allowable. The rapacious must have boundries or else they will use those around to accomplish their illegal aims no matter the potential harm it could cause to those involved.

See Jay Adkisson, Son of BOSS Leads To A Divorce And Fraudulent Transfer Troubles In Baker, Forbes, August 22, 2015.

Special thanks to Jim Hillhouse for bringing this article to my attention.