I knew it, I just did not get a chance to post about that scum here.
surfkast Member Level Wednesday, 12/18/19 07:55:20 AM Re: Golden_Cross post# 8428 0 Post # 8456 of 8458 Attorney Letter? LOL. Great history!
UNITED STATES OF AMERICA Before the SECURITIES AND EXCHANGE COMMISSION INVESTMENT ADVISERS ACT OF 1940 Release No. 5417 / December 13, 2019 ADMINISTRATIVE PROCEEDING File No. 3-19617 In the Matter of RANDALL S. GOULDING, Respondent. ORDER INSTITUTING ADMINISTRATIVE PROCEEDINGS PURSUANT TO SECTION 203(f) OF THE INVESTMENT ADVISERS ACT OF 1940 AND NOTICE OF HEARING
Randall S. Goulding and Michael M. Ushijima, both Illinois lawyers, were charged in an 18-count indictment with conspiracy to defraud the United States, mail fraud and illegal transportation of currency and monetary instruments in violation of 18 U.S.C. §§ 371 and 1341 and 31 U.S.C. §§ 5316(a) and 5322(a). A jury found them guilty on all counts. They were each sentenced to six months' incarceration on Count 1 and five years' probation on Counts 2 through 18. Both defendants were ordered to make restitution of $8,000 to the United States and to perform 500 hours of community service.
UNITED STATES DISTRICT COURT FOR THE NORTHERN DISTRICT OF ILLINOIS EASTERN DIVISION SECURITIES AND EXCHANGE COMMISSION, ) ) Plaintiff, ) ) v. ) Case No. ) THE NUTMEG GROUP, LLC, RANDALL ) GOULDING, and DAVID GOULDING, ) ) Defendants, ) ) DAVID GOULDING, INC., DAVID SAMUEL, LLC, ) FINANCIAL ALCHEMY, LLC, PHLLY ) FINANCIAL, LLC, SAMUEL WAYNE, and ) ERIC IRRGANG, ) ) Relief Defendants.
Randall S. Goulding, Plaintiff-appellant, v. United States of America, Defendant-appellee, 957 F.2d 1420
Judge Wood assumed senior status on January 16, 1992, which was after oral argument in this case
1 The penalties amounted in aggregate to $53,300
2 By agreement of the parties, the district court examined seven representative returns. Each return reflected the deductible loss entered on the K-1 prepared by Goulding, and in each case the deduction was in an amount greater than $2,000 and greater than 20% of the limited partner's adjusted gross income
3 Section 6694 states in pertinent part:
(a) negligent or intentional disregard of rules and regulations.--If any part of any understatement of liability with respect to any return or claim for refund is due to the negligent or intentional disregard of rules and regulations by any person who is an income tax return preparer with respect to such return or claim, such person shall pay a penalty of $100 with respect to such return or claim.
Section 6694(a) was amended in 1989 to apply to "understatements due to unrealistic positions." The amended version applies to documents prepared after December 31, 1989.
4 Section 7701(a) (36) defines income tax return preparer as
(A) In general.--The term "income tax return preparer" means any person who prepares for compensation, or who employs one or more persons to prepare for compensation, any return of tax imposed by subtitle A or any claim for refund of tax imposed by subtitle A. For purposes of the preceding sentence, the preparation of a substantial portion of a return or claim for refund shall be treated as if it were the preparation of such return or claim for refund.
(B) Exceptions.--A person shall not be an "income tax return preparer" merely because such person--
(i) furnishes typing, reproducing, or other mechanical assistance,
(ii) prepares a return or claim for refund of the employer (or of an officer or employee of the employer) by whom he is regularly and continuously employed,
(iii) prepares as a fiduciary a return or claim for refund for any person, or [pre-1978 prepares a return or claim for refund for any trust or estate with respect to which he is a fiduciary, or]
(iv) prepares a claim for refund for a taxpayer in response to any notice of deficiency issued to such taxpayer or in response to any waiver of restriction or another taxpayer if a determination in such audit of such other taxpayer directly or indirectly affects the tax liability of such taxpayer.
5 Mr. Goulding also contends that K-1 Schedules are similar to forms W-2, forms 1099, and other informational forms. Mr. Goulding claims that the same logic which makes him the preparer of the partners' returns would make every employer the preparer of his employees' returns, and every bank the preparer of its depositors' returns. Here we note, however, that the Secretary's regulations specifically provide that a return of tax does not include "an informational statement on Form 990, any Form 1099 or similar form." § 301.7701-15(c) (ii). He also asserts that the regulation results in unauthorized disclosure of the returns of the limited partners in violation of section 6103 of the Code. In fact, one of the limited partners in this case sued the Government for violation of his right to have his return kept confidential. See Mindell v. United States, 693 F. Supp. 847 (C.D. Cal. 1988). As was held in that case, the disclosure of the returns of the limited partners was proper under the exception to confidentiality contained in section 6103(h) (4) (B)
6 Mr. Goulding also argues that because preparation of the partnership returns was not one of the duties agreed upon when his compensation was fixed, he was not compensated for the preparation even of the partnership returns. We find little merit in this argument
7 Not atypical is the "appraisal letter" for the "lozenge for subliminal discouragement of smoking," an invention purchased by Mercon for a total of $1,666,655:
Dear Sirs:
Based upon the number of cigarette smokers in the country according to figures provided by the U.S. Department of Health, Education, and Welfare (in excess of 50 million) and based upon the known fact that at least 10 per cent of these smokers desire to bread [sic] the habit, I can easily surmise that 10 per cent of the smoking population, or 5 million adults, would try Dr. White's lozenge designed to help break the habit on at least one occasion during a one year period, which is a small amount of resolve at frequent intervals.
Conversations with Dr. White [the inventor of the lozenge] have convinced me that the concept is logical and viable and that the profit margin can be substantial. If a profit of one dollar per unit sold is realized by the modest sales potential aforementioned, an evaluation of 5 million dollars can easily be placed upon this unique and desirable product.
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