Grand Rapids, Mich. - A federal grand jury has indicted three tax shelter promoters, charging them with conspiring to promote, market and sell fraudulent tax shelters.
The five-count indictment accused Peter J. Peggs of Prides Crossing, Mass., Robert D. Larsen of Winter Park, Colo., and Craig M. Stone of Fort Pierce, Fla., of selling a fraudulent tax shelter called a loss-of-income insurance policy. They issued the policies through a company in the U.S. Virgin Islands called Caduceus Life Insurance Co., which changed its name in 1999 to Security Trust Insurance Co., and has since gone out of business.
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