19910315a Wsj Article
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- Words: 940
- Pages: 2
III
daY$ .':erbe:ran
Ann-
U\! past tew I$.TOng em\llo1!t I Stelle &.l'lodoH.
to
'PI'Wltely proV\6t I number ofmaiot t
natJar. for p.!Il"fllt
Il.~ l.M~b\e
Am1.Jtrcng', S\.Iddtnl)' wml/lt\y
Idftll.ltb.
Tax Was the Big Spender Just Spending Money Firms Owed to IRS?
Belote ~ T~ed ku.t mMU\. MI. SoladoU 'WAI ccn\roUer r.)/ iIll ob5el.lrt San Frantl.aco firm. H.IUIillltJII Talt , Co.. t.NtI\~ by tdr > ~ Id.nu IIarth 1988, Tlltl firm Ulnu.tfy ~ n.S btl· \lOft In payroll wtlJl.holdl.n£ WK OIVI!od to In.. !Ill/!'C"I'IJI.I Rl'v~Uf Servi«o lind cthllr !ax
np!l.elr.i (or tllch 1l'Vf:n!o! trnp!oym u f.'e-dmJ , Castll!' &I (:cdt. 1)/. State sal' of CtlIfOMi.a and I.b.e OaklAnd Atll\!l\ci.
Texan 'Cbip' Armstrong Ran &heme Processing Funds, Former Employee Alleges
Kind Ponzl Sebeme Mr, Salodo.t! a1Il1fti to (eden! 1"ttu:111' UtS 911d In A memonmdum Iiled With & fed·
wt
~flll '!lIt I~ad 01 promPtlY ~t· log eU of tNsc fUndS W'ttb the ptOflel' fav· 4'mnltl'lt ~f!CY as tUpub1ted by ecmtr!l.~!. ~tr, Af!TIlIt1'I)!\g 6.lyeNd INJfY nullkmJ to 1111 0\Im f>rlllllf IrU"S III a bnd of Pom::\ scheme now 01\ Ult verre o( collll.p5!- Some Ham1ItM Tall CWlICl'1N!tIl cc.nfirm tile dl \ets.!tm.!, alId Mr, Solodor! uttmateS !.hat
-
FedEx Frets Over $16 Million By B.4U'H T, K(NC Ja. SltaIl iltorll"'>rll'" orr" .. w....... a"l"ll~~ '''Ull''' .....
tht-y t.lXa.I nearly noo mUllan. Hl!.!ntllon T1i!t. It rul'1l!l out. Is (1M (J{ llie hllliitlit IA>; r.ftlCl!Ul:Il'I in tnt ClllllltrY. But tblS 1.i'I11 a ~t ~ to be II! rigM 1I0W. I.ASt Yt lif. Ibt [RS ~t tfIe lag 'I1m.e ~twetfl p.ayday and ux payment" from Hlnt 4aY1 to one wlth I! JU'ilJJn1Wd de· ~I pt«est, sharply eulU.lhng /'!W"ttllS.
Wt year s FO!1l1!1 of JuJy p!rty at t.bt
l,l')(,lG-acre COu\:llt C raneb near
neb!
TexlS. "'U II l'CeDt 0111 The 2&0 rutsts ft\'t [Nate
Ur e slt'dOlllll dinner.
tM host ~d rmtll o-.mer. COOrue C. Anm;lrong Jr .. was ulebrQl.\llr 11 pefS4!lalldfld of il'Id~lulenee day: HJs b· mer hId )USt eDmDltle4 an l8'f1\Onth jlU
~tg
"c."IIP~
playetJ lite ADP artd Qa.nltAmtr1ca
I
I!enmtt Ill!' better lees by Ollertnc e«n-
!
f1\tte payroll se~ A«.Dtdlt1f 1£1 Mr. Bi>lodaH. t!'Ie lure for Mr. AmlStrllllf \IIU flat proftts 00\ hue. lOWly \lQT'tfUlIttO cash (laws. Al:te:S'& to ihat money bAs htlped hlm c~&ee It Uti
Il.'nn for J.!I.W)6erlng druC' !'!'lotie)'. 'Tbe eX'Q'tvara.n.u was DOU!wortl:\y. lven by !.be S'W!dard$ of Texas' bytone nI)' boom ~ 1l.Iltfi at! lSS8 Oup .lliNtronr. IIOW yean llld. warked u a
I )
rtyle lie cou.!rl ooly lIre.!un of durin: Ul\cw' tlreba.lst shifli. II \lfe style ttw would al· low hmi to ,tar In hI.s own ~ lUiyQme hr V/tshK and m~ 'OallM WCIlIUI\ he U!l'd UI rut It Irt lOOl!t;' pam.
S16.,{lOO-a yw I'trem.an e.ni1 b.ad a l\.I.slOI'Y Oi tepam baJlk Joans in 19a!l. lI.e de· clared Iltrr.on.tl DWl:tIptty .ftu the fatl· ure I)r i tDUlU bUSU'less be ran ()41 ~ &Ide-l.I!mporary worken; IIJred by Mr • 1:101
I
r
i
I
I
How It WlIrUd
Al1'Il.Str onr sprayed Ilre-ri!ta.rdanl mateMalI tile .r.eel tta.mts af amunetdal tKItld·
~re'i how !It.tt &ebeme ~e(I, tw)N' llIi tc Mr, SQlodoffs memClr611i1um filed With ted,raJ !!.Olin doeltmtnts: ~ ».1IJ.c: idc.1. w;u It1l1U.Sk the loti",yment 01 tAxes tn" s:u.rting quwr.lt'a not too t.oog1I. AU ytIl.1 dA I.s repc.rt to W ~ lil!ncy tbJit you are tbl! ~ p!Llf'rIlent \aU 11.9
00
Ing&.
~tJEIIIs til ~
~r.
WId
•
- tleq:in SUCb nven:a..l1. Mr. .ums:tn:lng t:h.e.pt'St t&o c:a.m:t UJj VII1tl1 b\lI-
~
II
r
I
j
maid.
lIew qualUf bq:!ns. 10\1 t&ke W fIN f\lla.rtl!t' a fill last q\l.lll'teT"& bole. 1M villi forward Dtlt' qlJJ:!'!!r, WIUle Pl)"Rlefits recelft!j mew ~'Yt qllUfElr Iftep .lmUI, It bl.r I1vranj for all !.bill ~l~·filltnr la the. ehunk 01 UI'lpal6 \.IU~ tram tM ttart.lI:Ir QIlAI'!.eT
n.e
I 1
.
Irs; tou.1Id R\Oory. 1M tVllnrua.ll.:r. hCll ....5.!tl.nr wry c.mly. Than wIltre tht Panii aspect emnts l.h. 'I'M u:tS t.sse'f.ll,eS A. lCl"/. fIe!lAlIV
rea
phls U!.tete:JI on even' Ill"' ~I. UJ)~ ~ Ut t:e.m1I\.r at least ltl"h q\lluterly l~ &.n.nually I lie ~our "foond Vlo.ney" &CId p..u.s It along to me \.aX man, yOI.I wl!! have til dI.r the holt that !Dnell< deeper u.cn tIm.t ....n:lUnd to rep.alr tilt ~. .u th~ bltH. itt birrer LTId rnt.rI"t c:.Ilel\1S • II'f.. blnfll, 1M el'Wlee mcna.s:es that 50l'1'l.I.' tUttll Will rtt a peNlJty nCilkt Slid aJIk ' ~l1i questions. llUlcI! HamIltOn
I tatl' l ae-
. ~ l.U ~ 1!S'''6Ii!\\S!thit'' ~I.teQtt,
•
"I._~. "",,_ .... ):1404>
Ali. Col\l:l1l.ltJ
I
..
-L - ·~
'ax Question: WM Big-Spender 'Chip' Armstrong Just Spending Money That Others Owed to IRS?
c.LlStorn en wUl !ruffer at· 01'.1
Ha.m.t.ltOb talt's
at'llhly 1.0 ge.ne'!1kte q,u.\clQy from UI" tUn In ~.stm.eDU 0fI tb br:lo.ks. All Ilf Dee. , 31. It beld tot.al1ng Ifi mWlon frOm C'ompa.roe.S by Of amJla1ed wIth Mr. Armrtn:lflg, J.C;C(lrQml UI an I.I1WldJted
eompany b.aLa.nee
~l
"Tbere .IS un<:ert8llll:y 01 the ~Y'li abUlty I/) meet Its obbgat.li:m.£:' says An, th<my llotan:stl III 1{PMG Peal MaMek. Hanulton fait's atcOWltant JD a JUDe 1989 review, Put Ma'l"Wlck dUd a S1.9 milllon 11IOrk1nr-clPltaI dew:U and BLI.d "substanli.a.Uy mQn furd!I hv-e been eoDected 1'rO!n clients thall am ellJ"rt"fltly I 'Iil1able to I18Y those tu:i!s:' By yeaHnd. 1990, In. internal sheet ,boWl, that filurl'! Iw3 1.0 sa7 miUIbn.. 6ly5 U has talItd tot twO .."m:I\I",U l full QUdll Of tht earn-
i i
Litton Unit's Soviet Venture BEVERLY Cillf.-A gutw.dlary of IJn.oa stgned IJl ~ ment with III So~t COI'lttm w fOrm Il.!o!n\ VeD.tuf\!! Ui proVide teehnlcal Soervices in t/Ir .RI.!.E:Il.an l'epllblic.. Of tI'Ie a,reemttlt were!! 't dis
daY$ .':erbe:ran
Ann-
U\! past tew I$.TOng em\llo1!t I Stelle &.l'lodoH.
to
'PI'Wltely proV\6t I number ofmaiot t
natJar. for p.!Il"fllt
Il.~ l.M~b\e
Am1.Jtrcng', S\.Iddtnl)' wml/lt\y
Idftll.ltb.
Tax Was the Big Spender Just Spending Money Firms Owed to IRS?
Belote ~ T~ed ku.t mMU\. MI. SoladoU 'WAI ccn\roUer r.)/ iIll ob5el.lrt San Frantl.aco firm. H.IUIillltJII Talt , Co.. t.NtI\~ by tdr > ~ Id.nu IIarth 1988, Tlltl firm Ulnu.tfy ~ n.S btl· \lOft In payroll wtlJl.holdl.n£ WK OIVI!od to In.. !Ill/!'C"I'IJI.I Rl'v~Uf Servi«o lind cthllr !ax
np!l.elr.i (or tllch 1l'Vf:n!o! trnp!oym u f.'e-dmJ , Castll!' &I (:cdt. 1)/. State sal' of CtlIfOMi.a and I.b.e OaklAnd Atll\!l\ci.
Texan 'Cbip' Armstrong Ran &heme Processing Funds, Former Employee Alleges
Kind Ponzl Sebeme Mr, Salodo.t! a1Il1fti to (eden! 1"ttu:111' UtS 911d In A memonmdum Iiled With & fed·
wt
~flll '!lIt I~ad 01 promPtlY ~t· log eU of tNsc fUndS W'ttb the ptOflel' fav· 4'mnltl'lt ~f!CY as tUpub1ted by ecmtr!l.~!. ~tr, Af!TIlIt1'I)!\g 6.lyeNd INJfY nullkmJ to 1111 0\Im f>rlllllf IrU"S III a bnd of Pom::\ scheme now 01\ Ult verre o( collll.p5!- Some Ham1ItM Tall CWlICl'1N!tIl cc.nfirm tile dl \ets.!tm.!, alId Mr, Solodor! uttmateS !.hat
-
FedEx Frets Over $16 Million By B.4U'H T, K(NC Ja. SltaIl iltorll"'>rll'" orr" .. w....... a"l"ll~~ '''Ull''' .....
tht-y t.lXa.I nearly noo mUllan. Hl!.!ntllon T1i!t. It rul'1l!l out. Is (1M (J{ llie hllliitlit IA>; r.ftlCl!Ul:Il'I in tnt ClllllltrY. But tblS 1.i'I11 a ~t ~ to be II! rigM 1I0W. I.ASt Yt lif. Ibt [RS ~t tfIe lag 'I1m.e ~twetfl p.ayday and ux payment" from Hlnt 4aY1 to one wlth I! JU'ilJJn1Wd de· ~I pt«est, sharply eulU.lhng /'!W"ttllS.
Wt year s FO!1l1!1 of JuJy p!rty at t.bt
l,l')(,lG-acre COu\:llt C raneb near
neb!
TexlS. "'U II l'CeDt 0111 The 2&0 rutsts ft\'t [Nate
Ur e slt'dOlllll dinner.
tM host ~d rmtll o-.mer. COOrue C. Anm;lrong Jr .. was ulebrQl.\llr 11 pefS4!lalldfld of il'Id~lulenee day: HJs b· mer hId )USt eDmDltle4 an l8'f1\Onth jlU
~tg
"c."IIP~
playetJ lite ADP artd Qa.nltAmtr1ca
I
I!enmtt Ill!' better lees by Ollertnc e«n-
!
f1\tte payroll se~ A«.Dtdlt1f 1£1 Mr. Bi>lodaH. t!'Ie lure for Mr. AmlStrllllf \IIU flat proftts 00\ hue. lOWly \lQT'tfUlIttO cash (laws. Al:te:S'& to ihat money bAs htlped hlm c~&ee It Uti
Il.'nn for J.!I.W)6erlng druC' !'!'lotie)'. 'Tbe eX'Q'tvara.n.u was DOU!wortl:\y. lven by !.be S'W!dard$ of Texas' bytone nI)' boom ~ 1l.Iltfi at! lSS8 Oup .lliNtronr. IIOW yean llld. warked u a
I )
rtyle lie cou.!rl ooly lIre.!un of durin: Ul\cw' tlreba.lst shifli. II \lfe style ttw would al· low hmi to ,tar In hI.s own ~ lUiyQme hr V/tshK and m~ 'OallM WCIlIUI\ he U!l'd UI rut It Irt lOOl!t;' pam.
S16.,{lOO-a yw I'trem.an e.ni1 b.ad a l\.I.slOI'Y Oi tepam baJlk Joans in 19a!l. lI.e de· clared Iltrr.on.tl DWl:tIptty .ftu the fatl· ure I)r i tDUlU bUSU'less be ran ()41 ~ &Ide-l.I!mporary worken; IIJred by Mr • 1:101
I
r
i
I
I
How It WlIrUd
Al1'Il.Str onr sprayed Ilre-ri!ta.rdanl mateMalI tile .r.eel tta.mts af amunetdal tKItld·
~re'i how !It.tt &ebeme ~e(I, tw)N' llIi tc Mr, SQlodoffs memClr611i1um filed With ted,raJ !!.Olin doeltmtnts: ~ ».1IJ.c: idc.1. w;u It1l1U.Sk the loti",yment 01 tAxes tn" s:u.rting quwr.lt'a not too t.oog1I. AU ytIl.1 dA I.s repc.rt to W ~ lil!ncy tbJit you are tbl! ~ p!Llf'rIlent \aU 11.9
00
Ing&.
~tJEIIIs til ~
~r.
WId
•
- tleq:in SUCb nven:a..l1. Mr. .ums:tn:lng t:h.e.pt'St t&o c:a.m:t UJj VII1tl1 b\lI-
~
II
r
I
j
maid.
lIew qualUf bq:!ns. 10\1 t&ke W fIN f\lla.rtl!t' a fill last q\l.lll'teT"& bole. 1M villi forward Dtlt' qlJJ:!'!!r, WIUle Pl)"Rlefits recelft!j mew ~'Yt qllUfElr Iftep .lmUI, It bl.r I1vranj for all !.bill ~l~·filltnr la the. ehunk 01 UI'lpal6 \.IU~ tram tM ttart.lI:Ir QIlAI'!.eT
n.e
I 1
.
Irs; tou.1Id R\Oory. 1M tVllnrua.ll.:r. hCll ....5.!tl.nr wry c.mly. Than wIltre tht Panii aspect emnts l.h. 'I'M u:tS t.sse'f.ll,eS A. lCl"/. fIe!lAlIV
rea
phls U!.tete:JI on even' Ill"' ~I. UJ)~ ~ Ut t:e.m1I\.r at least ltl"h q\lluterly l~ &.n.nually I lie ~our "foond Vlo.ney" &CId p..u.s It along to me \.aX man, yOI.I wl!! have til dI.r the holt that !Dnell< deeper u.cn tIm.t ....n:lUnd to rep.alr tilt ~. .u th~ bltH. itt birrer LTId rnt.rI"t c:.Ilel\1S • II'f.. blnfll, 1M el'Wlee mcna.s:es that 50l'1'l.I.' tUttll Will rtt a peNlJty nCilkt Slid aJIk ' ~l1i questions. llUlcI! HamIltOn
I tatl' l ae-
. ~ l.U ~ 1!S'''6Ii!\\S!thit'' ~I.teQtt,
•
"I._~. "",,_ .... ):1404>
Ali. Col\l:l1l.ltJ
I
..
-L - ·~
'ax Question: WM Big-Spender 'Chip' Armstrong Just Spending Money That Others Owed to IRS?
c.LlStorn en wUl !ruffer at· 01'.1
Ha.m.t.ltOb talt's
at'llhly 1.0 ge.ne'!1kte q,u.\clQy from UI" tUn In ~.stm.eDU 0fI tb br:lo.ks. All Ilf Dee. , 31. It beld tot.al1ng Ifi mWlon frOm C'ompa.roe.S by Of amJla1ed wIth Mr. Armrtn:lflg, J.C;C(lrQml UI an I.I1WldJted
eompany b.aLa.nee
~l
"Tbere .IS un<:ert8llll:y 01 the ~Y'li abUlty I/) meet Its obbgat.li:m.£:' says An, th<my llotan:stl III 1{PMG Peal MaMek. Hanulton fait's atcOWltant JD a JUDe 1989 review, Put Ma'l"Wlck dUd a S1.9 milllon 11IOrk1nr-clPltaI dew:U and BLI.d "substanli.a.Uy mQn furd!I hv-e been eoDected 1'rO!n clients thall am ellJ"rt"fltly I 'Iil1able to I18Y those tu:i!s:' By yeaHnd. 1990, In. internal sheet ,boWl, that filurl'! Iw3 1.0 sa7 miUIbn.. 6ly5 U has talItd tot twO .."m:I\I",U l full QUdll Of tht earn-
i i
Litton Unit's Soviet Venture BEVERLY Cillf.-A gutw.dlary of IJn.oa stgned IJl ~ ment with III So~t COI'lttm w fOrm Il.!o!n\ VeD.tuf\!! Ui proVide teehnlcal Soervices in t/Ir .RI.!.E:Il.an l'epllblic.. Of tI'Ie a,reemttlt were!! 't dis
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