Ramesh Sarva, a certified public accountant in Little Neck, N.Y., has been banned from promoting and selling an alleged nationwide tax scheme, according to a federal court order.
Judge Josephine L. Staton of the U.S. District Court for the Central District of California entered the permanent injunction order yesterday, to which Sarva consented.
According to the complaint, welfare benefit plans permit companies to pool together and make monetary contributions toward the purchase of life insurance for the benefit of each company’s employees or principals.
Participants in legitimate welfare benefit plans may be able to deduct the full amount of their plan contributions as a business expense.
The complaint alleged that Sarva falsely informed his customers that the welfare benefit plans he promoted were legal, but in fact, Sarva has been promoting plans that illegally permitted his customers to both claim substantial tax deductions for their plan contributions and later access the full cash value of their plan contributions by taking out loans against the life insurance policies purchased.
The complaint alleged that Sarva’s promotion of these unlawful welfare benefit plans deprived the U.S. Treasury of significant amounts of tax and subjected his customers to audits and IRS scrutiny.
The injunction order bars Sarva from promoting and selling any purported welfare benefit plans.
The court also ordered Sarva to provide the United States with a list of his customers and to send copies of the injunction order to his customers.
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Key Facts
- State: California
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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