Vi Bui, Tax Evasion and Obstruction of IRS, Georgia 2024

A hard-hitting scheme in Georgia has landed a prominent attorney in prison. Vi Bui, a partner at Sinnott & Co. in Atlanta, was sentenced to 16 months in prison for obstructing the IRS in connection with his participation in the promotion of abusive syndicated conservation easement tax shelters.

According to court documents and statements made in court, Vi Bui began his scheme at least in 2012 and continued through May 2020. He organized, marketed, implemented, and sold illegal syndicated conservation easement tax shelters created and organized by co-conspirators Jack Fisher, James Sinnott, and others.

Fisher and Sinnott were convicted at trial for their involvement in the scheme and were sentenced to 25 and 23 years in prison, respectively. Bui's role in the scheme entailed the creation of partnerships that purchased land and land-owning companies, which then donated conservation easements over that land or the land itself.

Appraisers generated fraudulent and inflated appraisals of the conservation easements, resulting in a fraudulent tax deduction flowing to wealthy clients who purchased units in the partnership. Many of these clients joined the tax shelters after the donation of the interest in land and after the end of the relevant tax year.

Bui knew that in order to make it appear that the participants had timely purchased their units in the tax shelters, Fisher, Sinnott, and others backdated and instructed others to backdate documents, including subscription agreements, checks, and other documents. Bui anticipated that the syndicated conservation easement transactions would be audited and took steps to deceive the IRS.

As a result of his crime, Vi Bui was ordered to pay $8,250,244 in total restitution to the IRS. In addition to his prison sentence, Bui will serve one year of supervised release.

Bui's scheme has far-reaching consequences, with many individuals and businesses affected by his actions. The investigation and prosecution of Bui's crime are a testament to the dedication of law enforcement and prosecutors in ensuring that those who break the law are held accountable.

Source: https://www.justice.gov/opa/pr/atlanta-attorney-sentenced-syndicated-conservation-easement-tax-scheme