The Federal Court has hit Chicago tax attorney Gary Stern with an injunction. The injunction prevents him from preparing tax returns for anyone outside of his own family.
The injunction stems from an investigation into Stern’s alleged involvement in elaborate tax schemes. He used the schemes to help customers and business associates claim false tax credits and avoid paying federal income taxes.
According to the complaint, over the years Stern created a network of companies that he used to create fraudulent transactions in order to transfer tax credits from alternative energy fuel sales into a phony trust account.
In addition to the tax credits, Stern utilized an income shift scheme to help clients and colleagues avoid paying taxes.
Among those assisted by Stern were three NFL players including Ray Lewis and Terrell Owens. The players have filed suit against Stern, claiming fraud and professional malpractice. Owens received the highest in tax credits, which amounted to over $700,000. According to the complaint, he paid over $400,000 for the credits.
In addition to the NFL players involved in the scheme is Chicago investor Larry Greenblatt, who has been the subject of numerous lawsuits throughout his years as a prominent Chicago businessman, both as a plaintiff and a defendant. According to the Chicago Tribune, Mr. Greenblatt has received harsh opinions against him on the part of the Federal Court. The Tribune also reported that the IRS was investigating Greenblatt in conjunction with Stern’s scheme as far back as 2011, when the investigation first began.
The Patterson Law Firm is experienced in handling cases dealing with professional negligence, particularly when it comes to legal malpractice. If you think you are a victim of legal malpractice or simply would like to learn more about our firm visit pattersonlawfirm.com or call (312) 223-1699.