Thursday Sep 07, 2023

Episode 22: Desperate Deals: The Rise and Fall of a King and His Tax Castle

Episode Title: Desperate Deals: The Rise and Fall of a King and His Tax Castle

Episode Summary:

In this gripping episode of Tax Crime Junkies, hosts Dom and Tom delve into the shocking true story of King Isaac Umoren, a tax preparer turned criminal mastermind. From impersonating an FBI agent to selling a fraudulent tax business, Umoren's tale is a cautionary one, filled with deceit, audacity, and a web of lies that ensnared not just him but also his employees and clients.

What You'll Learn:

  • How King Isaac Umoren used his tax preparation business as a front for multiple fraudulent schemes.
  • The emotional and financial toll on the victims, including the staff and the new owners of the fraudulent business.
  • The legal consequences Umoren faced, including 18 charges related to the fraudulent business sale.
  • Insights into the IRS investigation and the patterns of fraud detected.

Key Moments:

  • Introduction (00:00-03:00): Dominique and Tom set the stage with a relatable problem—clients failing to pay for services—and introduce the main story.

  • The Impersonation Act (03:01-08:00): The hosts describe Umoren's audacious impersonation of an FBI agent and how it led to his initial arrest.

  • The Fraudulent Business Sale (08:01-15:00): Learn how Umoren sold his tax business based on inflated values and fraudulent documents, fooling the new owners.

  • The Human Toll (15:01-20:00): Dominique and Tom discuss the impact of Umoren's actions on his employees, who were left jobless and financially strained.

  • The Legal Consequences (20:01-25:00): The hosts delve into the charges Umoren faced and how his actions caught up with him.

  • IRS Investigation (25:01-30:00): Tom explains the IRS's role in uncovering the fraudulent activities within the tax preparation business.

  • The Downfall (30:01-35:00): The story comes full circle, reflecting on the broader implications of unchecked ambition and deceit.

  • Conclusion and Teaser for Next Episode (35:01-36:00): The hosts wrap up the episode and tease what's coming up next on Tax Crime Junkies.

 

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Legal Disclaimer:

This podcast is for entertainment purposes only. All facts are sourced from public records or similar, and the episode is not intended to defame or misrepresent anyone involved.

Next Episode:

Stay tuned for our next episode, where we'll bring you more stories of tax and financial crimes—and how to avoid even the appearance of impropriety.  We'll be starting a 2 part series on How Sarma Melngailis, Queen of Vegan Cuisine, Became a Runaway Tax Fugitive 

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