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Benistar loses another tax court case.

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General Observations
The one Massachusetts case and the three Connecticut cases described in this post are not all the ongoing cases relating to Carpenter. For example, documents in those cases refer to cases involving Carpenter in New York and Wisconsin. However, the cases described here provide insight into the scope of the alleged criminal activities in which Carpenter has been engaged for more than a decade.

No. 54: Daniel Carpenter and a Host of Criminal AllegationsDaniel E. Carpenter (Simsbury, CT), attorney and businessman, was scheduled to report to a federal prison on Friday, June 20. His saga involves cases over more than a decade in federal district courts, circuit courts of appeal, and the Supreme Court. Among the federal agencies involved in the cases are the Department of Justice, the Department of Labor, the Department of the Treasury, and the Internal Revenue Service (IRS). Several cases are ongoing despite Carpenter's incarceration.

The Section 1031 Fraud Allegations
Carpenter owned and operated Benistar, Ltd. and its subsidiaries. One Benistar function was to act as an intermediary in Section 1031 property exchanges. That section of the Internal Revenue Code allows the owner of investment property to defer capital gains taxes on the sale of the property by rolling the proceeds of the sale into the purchase of replacement property. However, the tax deferral is lost if the owner (the "exchangor") takes possession of the sale proceeds. Therefore, companies such as Benistar offer to act as an intermediary by holding the proceeds in escrow until the exchangor is ready to close on the replacement property.

Benistar The Trusted Leader.

A federal judge in Boston sentenced a Simsbury man on Wednesday to three years in prison for a fraud involving

Daniel E. Carpenter, 59, had offered services to clients in Massachusetts called "exchangors," which prosecutors describe as "clients who engaged in tax-deferred real estate exchange transactions" -- further explanation of that is below.

Carpenter's business held money for these clients in escrow accounts but made risky investments with it while emphasizing how safe the accounts were in communications with the clients. Since the clients' rate of return was capped, he would have walked away with high profits. Instead, he lost more than $9 million of his clients' money.
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>Benistar 419 Plan Services litigation - Litigation and Claims - BenefitsLink Message Boards



Lawsuits against Benistar
Stephen Ouwinga, et al v. Benistar 419 

Plan Services,
In, et al
Filed: November 29, 2010 as 10-2531 
Updated:
November 29, 2010 22:23:57
Defendants: BENISTAR 419 PLAN 
SERVICES, INC.
Defendant - Appellees: EDWARDS 
ANGELL PALMER &
DODGE, LLP, JOHN H. REID, III, JOHN 
HANCOCK
LIFE INSURANCE COMPANY, JOHN 
HANCOCK
VARIABLE LIFE INSURANCE 
COMPANY, KRIS LESLEY
and others
Plaintiff - Appellants: CHRISTINE 
OUWINGA, DAVID
OUWINGA, LEANN OUWINGA, 
STEPHEN OUWINGA
and STONEY CREEK FISHERIES AND
EQUIPMENT
INC., on behalf of themselves and all 
others similarly
situated

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