Who in their right mind would want to impersonate an accountant? It’s not as if we live glamorous lives. For example, today I sent out my quarterly newsletter, gave a speech, and prepared tax returns.
Of course, I should never underestimate the Bozo Criminal mind. Daniel Ford (of Glendale, California) wanted to be a Certified Public Accountant. Rather than obtain a degree and a license from the California Board of Accountancy, he allegedly just decided to open his tax preparation business.
Mr. Ford also allegedly had a partner, Gregory Edwards, of Culver City, California. Mr. Edwards and Mr. Ford allegedly persuaded satisfied clients of Mr. Ford’s tax preparation business to invest with them. The money invested apparently went to a bottom line—the bottom line of Mr. Edwards and Mr. Ford. Mr. Ford allegedly earned $1.3 million and Mr. Edwards $961,000 from the scheme.
All was fine and good until the Franchise Tax Board and the California Department of Justice found out about the alleged scheme. Mr. Edwards and Mr. Ford have been arrested and are charged with multiple felonies including elder financial abuse, grand theft, state income tax evasion, and state income tax fraud. Oh yes, Mr. Ford and Mr. Edwards managed to ‘forget’ to pay state income tax on their illegal income. As the Franchise Tax Board noted, illegal income is just as taxable as legal income.
As for the alleged perpetrators, they’re sitting in jail in Los Angeles. It’s tough to impersonate a CPA and get away with it.