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.

Register or login for access to this item and much more

All Accounting Today content is archived after seven days.

Community members receive:
  • All recent and archived articles
  • Conference offers and updates
  • A full menu of enewsletter options
  • Web seminars, white papers, ebooks

Don't have an account? Register for Free Unlimited Access