Self-Proclaimed CPA Sentenced For Role In Fraud Scheme
On February 26, 2007, in Salt Lake City, UT, Lanny R. White was sentenced to 60 months in prison, three years of supervised release and ordered to pay more than $5 million in restitution.White pleaded guilty to fraud charges in November 2006 in connection with the promotion of a tax and investment fraud scheme.According to the plea agreement, White admitted that from 1993 to 2004, he and his co-conspirators — using the names Advanta Strategies, World Contractual Services, Rockwell Services, CornerStone West, Ventures Limited, and Whiven Financial — marketed and sold a fraudulent trust scheme through seminars, promotional materials, and opinion letters. White and his co-conspirators falsely represented to clients that by placing their businesses and assets into the names of trusts, the clients could lawfully eliminate or substantially reduce their income tax liabilities. Additionally, White admitted that, as part of his role in the conspiracy, he falsely claimed to be a licensed CPA and used his brother’s CPA license number, without his brother's knowledge. White also admitted to preparing opinion letters that falsely assured the legality of the tax benefits of the fraudulent trust scheme and that he promoted the scheme at offshore seminars hosted by the Institute of Global Prosperity.White acknowledged that his actions, which resulted in the filing of more than 2,000 false and fraudulent federal income and trust tax returns, caused a loss of federal tax revenue totaling between $7 and $10 million. White also admitted to placing clients assets in unsound “investments” in international financial markets and other offshore “investing opportunities” that he knew would put clients' funds at considerable risk and would never, in fact, pay any return.
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