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Brokers raise billions for green land deals IRS calls tax scams
Expanded government crackdowns on syndicated conservation easement land deals are creating financial and legal headaches for some wealthy investors.
May 7, 2021 9 MINS
New York fund manager Andrew Beer got an unsolicited email offer a few months ago that sounded too good to be true join other investors to buy 276 acres of land in Mississippi, promise never to develop it, and get whopping tax deductions of as much as five times the amount invested.
The pitch was for what’s known as a syndicated conservation easement, a type of land deal that the Internal Revenue Service says is often an abusive tax shelter. The offer came from a family office with a website touting partnerships with Middle East wealth funds. As an added enticement, the salesman offered Beer options to insure against the risk of IRS audits and investor liability lawsuits.
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ST. PETERSBURG, Fla., Feb. 04, 2021 (GLOBE NEWSWIRE) Goodman & Nekvasil, P.A., announces they have filed dozens of arbitration claims against financial advisors and brokerage firms on behalf of investors who invested millions of dollars in GPB Capital investments. Goodman & Nekvasil, P.A., a nationwide securities arbitration law firm handling GPB Capital cases on a purely contingency fee basis, has been contacted by numerous other GPB Capital investors requesting representation.
The SEC filed an action this morning alleging that GPB Capital perpetrated a long-running and multi-faceted fraudulent scheme, that nearly all of the $1.7 billion raised from GPB Capital investors is still at risk, that GPB Capital s assets are far below its obligations to the GPB Capital investors, and that GPB Capital engaged in a