Bestselling financial writer Wade Cook was slapped with an 88-month jail term for defrauding the Internal Revenue Service.

Cook was also ordered to pay $3.75 million in back taxes on the approximately $9.5 million he earned on sales of books like Wall Street Money Machine, and the tapes and seminars he promoted. He was convicted in February of tax evasion, obstruction of justice and filing a false tax return.

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