Newsletter from
Steve Richardson & Company, Certified Public Accountants
February 24, 2020
Lying is, generally speaking, a bad idea
To our clients and friends,
He should have known better!
To our clients and friends, Recently a law professor at the University of Minnesota was convicted of lying to the IRS. The judge said, Ed Adams “knew more than most” that he broke the law
Lying is, generally speaking, a bad idea. Most people do not know that lying to the IRS can also be a crime. Ed Adams knew and lied anyway.
Judge Donovan Frank said Adams deserved a harsher sentence than the one year of probation that prosecutors requested because of his role as a tenured professor who should be setting an example for up-and-coming lawyers.
“You clearly knew more than most that what you were doing was illegal and unethical,” said Frank.
Obviously, there is more to this case than one law professor lying to the IRS that led to the sweetheart plea-bargain deal offered by the prosecution. Mr. Adams was indicted in 2017 as a mastermind of a complicated embezzlement scheme that bilked millions of dollars from investors. Adams pleaded guilty to only a misdemeanor offense last October, and prosecutors dropped 17 other counts. A sweetheart deal, indeed!
A “complicated scheme” implies to me compatriots and co-conspirators. I wonder how many of Mr. Adam’s cohorts are facing prison time as a part of this sweetheart deal?
Lying is, generally speaking, a bad idea
Lying to the IRS can be a go-to-jail serious crime.
Don’t lie!
This is not nearly as obvious as it may seem on the surface. Never lie to any federal, state or local official, especially an officer of the law. If someone with a badge wants to ask you questions, the only word from your mouth is “lawyer”. Innocent or not makes “zero” difference!
The 5th Amendment
We have the 5th Amendment for our protection. We have a 100% protected legal right to say nothing! If you cannot be 100% truthful and candid with legal officials and authorities, rely upon the 5th!
The 5th Amendment is a powerful individual right. It is your job as a citizen to know when, where and how to use this important personal right.