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Thursday, June 29, 2006

Earn quick cash! No, wait, we're indicted

American_silver_eagle_coin_1

Multi-level coin marketers James and Shirley Aldridge of Lee's Summit generated $4.3 million in sales in 2004, but fell a little short in reporting that income, according to a federal indictment released Wednesday.

From U.S. Attorney Bradley J. Schlozman's office:
The couple co-own Concept Marketing International, which sells American Silver Eagle coins through 5,000 independent contractors nationally.

  • Business plan contemplated a complex four-tiered pyramid commission sales strategy, claiming that a consumer could earn $302,000 in monthly income.
  • Sponsored seminars in the Kansas City area at which the purchasers of American Silver Eagle coins were encouraged to form Unincorporated Business Organizations, or business trusts, to reduce taxes by 97 percent or more.
  • The IRS wants $661,376 back taxes 1999-2004.
  • News release

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