Creating a rap label to cover up massive fraud fiefdom shows a level of hubris and extravagance that’s beyond the average fraudster. The Associated Press reports that a self-proclaimed “Money King” attempted to channel more than $100 million in stolen income tax refunds into a music-less rap label, in what investigators said is one of the largest of such fraud schemes uncovered by the Internal Revenue Service.
The Florida-based “fraud factory” operated out of a rental house in a quiet, suburban community. There, the group of five co-conspirators attempted to defraud the Internal Revenue Service of roughly $108 million by using 29,000 stolen identities to fraudulently file income tax returns. They packed the home with stacks of cash money (“dollar bills, dollar-dollar bills”), expensive shoes and jewelry, drugs, prepaid debit and credit cards, along with at least ten computers, which were reportedly used to commit the crimes.
(But when you set yourself up as a king, someone always wants to take your crown.) So when police responded to a home invasion robbery, the scene inside the home raised significant suspicions with investigators. They found that the group had managed to score $28.2 million in fraudulent refunds using the stolen identities.
The report details how the Caliph of Coins had previously been arrested for similar crimes in Georgia. Shockingly (or not), a recording from his Atlanta jailhouse phone calls captures a verbal chest puffing, when he states, “They don’t call me the Money King for no reason.” Well, apparently, he was wrong (or just misunderstood), because the government seized his assets and federal judge sentenced him to twenty years in prison. He also must pay nearly $30 million in restitution. (Perhaps “Destitute Dude” is a more appropriate nickname?)
It’s only a matter of time before the authorities catch up with identity theft and fraud of this breadth and scale. But I’m going to go out on a limb and suggest that offering the government a first-hand view of the extravagant lifestyle you’ve funded by defrauding IRS probably expedites that process.
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