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TAX SHELTER CONVICTION.

John Mikutowicz, 51, of Mashpee, Mass, was convicted of illegally sheltering more than US$1 million of income in the Turks and Caicos Islands, the U.S. Internal Revenue Service, said July 1. He was convicted by a jury sitting before U.S. District Judge Rya Zobel. The Government's evidence showed That from 1994 through 1999 Mikutowicz, the owner of AGM Marine, aided by Tower Executive Resources of Colorado, used shell corporations to divert US$1.3 million of AGM's earnings to a secret account in the Turks & Caicos Islands. From that account, he then moved the money to yet another private account in the Cayman Islands. During the trial, excerpts of a recording were played in which Tower operators instructed their members on how to make their income "go away." Membership with Tower cost US$50,000.

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Title Annotation:John Mikutowicz, owner of AGM Marine
Comment:TAX SHELTER CONVICTION.(John Mikutowicz, owner of AGM Marine)
Publication:Caribbean Update
Article Type:Brief Article
Geographic Code:1USA
Date:Aug 1, 2002
Words:140
Previous Article:MARKET REPORT FOR COSMETICS.
Next Article:CARIBE WASTE TECHNOLOGIES CERTIFIED.
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