Posted: Nov 7, 2013 12:50 PM by The Associated Press
KANSAS CITY (AP) - A Kansas City man who was the mastermind of a nationwide tax fraud conspiracy that attempted to receive nearly $96 million in illegal refunds has pleaded guilty and will spend 13 years in federal prison under a deal with prosecutors.
Gerald Poynter, also known as Brother Jerry Love, was facing 66 charges in a 72-count indictment that also named 13 co-defendants. He pleaded guilty in U.S. District Court in Kansas City Thursday to one count of conspiracy to defraud the U.S. by filing false tax returns and one count of filing a fraudulent tax return.
Prosecutors say his scheme involved the fraudulent use of 1099-Original Issue Discount forms, typically used by tax filers who pay taxes on income from bond investments.
Ten others also have pleaded guilty in the scheme.