The NewStandard ceased publishing on April 27, 2007.

Wealthy Businessman Sets Record for Tax Evasion

by Madeleine Baran

Mar. 2, 2005 – A US telecommunications businessman accused of evading more than $200 million in taxes -- the largest criminal tax case involving an individual -- was arrested on Saturday and charged with 12 counts of tax evasion.

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Walter Anderson, 51, created an offshore corporation to receive and conceal almost half a billion dollars over five years, the indictment said. The indictment also alleges Anderson claimed to be a resident of Florida, which has no state income tax, to avoid paying taxes in Washington, his actual place of residence.

“The grand jury charged that, beginning in 1992, as Anderson realized that the merger of his first successful company, Mid-Atlantic Telecom, with another company would result in substantial taxable earnings, Anderson allegedly formed an offshore corporation to receive and disguise his anticipated income,� the Justice Department told Reuters.

Anderson could face up to 80 years in prison, if convicted.

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The NewStandard ceased publishing on April 27, 2007.

Madeleine Baran is a contributing journalist.

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