Wayne Hicks, Tax Evasion, Arkansas 2010

Wayne Hicks Banned from Operating Private Banking System

A federal judge in Fayetteville, Ark., has issued a permanent injunction against Wayne Hicks and his company, My Icis Inc., from operating a private banking system that allegedly assisted customers in evading taxes.

According to the government complaint, Hicks owned and operated My Icis, Inc., a Berryville, Ark., company that helped customers set up anonymous bank accounts to conceal their identities, income, and financial transactions.

Hicks admitted in his criminal case that My Icis assisted customers in 'getting out of the traditional banking system and successfully shielding their financial transactions from the government, more specifically the IRS, and thereby avoiding paying federal income taxes.'

From 2003 through 2006, Hicks' customers deposited approximately $100 million in his banking system.

Hicks promoted his scheme through web sites, seminars, and online newsletters.

Wayne Hicks, 51, is currently serving a five-year prison sentence after pleading guilty to conspiracy to defraud the United States. His sentence began on March 31, 2010.

The permanent injunction order was agreed upon by Hicks and My Icis Inc. A federal jury convicted eight people associated with Pinnacle Quest International (PQI) of tax, wire fraud, and money laundering charges in 2010. The U.S. government also obtained a civil injunction against PQI and its principals in 2008.

According to the Justice Department, Hicks promoted his banking system at Pinnacle Quest International seminars in 2005 in Cancun and Ixtapa, Mexico.

This is not the first time the Justice Department has taken action against tax fraud promoters. In the past decade, the agency has obtained over 465 injunctions against dishonest tax return preparers and tax fraud promoters.

Source: https://www.justice.gov/archives/opa/pr/arkansas-private-banking-system-barred-operating-federal-court