Suspended Lawyer Who Wrote 'Bulletproof Asset Protection' Pleads Guilty in Tax Case, Must Pay $40M
A suspended Colorado lawyer who authored the book Bulletproof Asset Protection pleaded guilty in federal court in Las Vegas on Monday to multiple tax-related charges.
William S. Reed, 61, of Santa Barbara, Calif., was indicted in July, along with two other defendants, on accusations he participated in a business scheme between 1998 and 2006 that helped others hide assets from creditors and the Internal Revenue Service, the Las Vegas Review-Journal reports.
He pleaded guilty to conspiracy to defraud the United States, attempted tax evasion and aggravated identity theft, and agreed to pay about $40 million to the IRS and the Federal Trade Commission. The two other defendants await trial.
Reed allegedly had $70,000 in cash hidden in his vehicle when he was arrested last year, reports KLAS. He faces up to 12 years when he is sentenced in May.
Hat tip: Associated Press.