}

Thursday, September 24, 2015

FROM GARNISHMENT TO A TAX LEIN TO AN UNRECORDED LAND CONTRACT IN 3 E-Z STEPS: Steven Ingersoll's New & Improved Asset Protection Strategies!

BREAKING NEWS:
You don't have to move your money offshore to get asset protection!

Notorious tax deadbeat leech, Steven Ingersoll, found a new form of “unwelfare” — and two more willing participants in his scheme to funnel assets away from the federal government.

But before I reveal what I just uncovered this morning, let's take a look back at one early cohort in a similar scam — Kyle Andrezjewski, known to the readers of this blog as 'Peanut'.

WAS PEANUT BUTTERED? IT DEPENDS ON WHICH SIDE OF THE SLICE YOU'RE LOOKING AT!

According to federal court records, Andrezjewski worked for Roy Bradley's Thunder Builders during the Bay City Academy renovation.
 

Chez Peanut, Miss Fortune photo
An affidavit filed March 31, 2015 by an IRS agent in Steven Ingersoll's federal fraud case revealed that on or about March 26, 2015, a quit claim deed was filed with the Bay County Register of Deeds transferring 111 N. Monroe in Bay City from Arts District LLC to Kyle Andrezjewski—for the consideration of one dollar!

Steven Ingersoll signed the quit claim deed as the grantor on behalf of the Arts District LLC.

The state equalized value for that property is $28,150.

On March 26, the same day a quit claim deed was filed, the IRS affidavit stated that Andrezjewski went into the Bay County Treasurer’s office to request a "hardship exemption" from the $10,247.44 owed in back property taxes.

But that wasn't entirely correct — the Bay County Treasurer's office later revealed to me that 'Peanut' Andrezjewski's one-year exemption only covered the roughly $3,000 owed by Ingersoll for tax year 2012, sticking Peanut with over $7,000 in additional taxes racked up by Ingersoll in successive years, not to mention the property taxes 'Peanut' owes from this year! 


So did the citizens of Bay City benefit from Andrezjewski shouldering the responsibility for Ingersoll's debt? 

In a word, hell no!

A check this morning with the Bay County Treasurer's office revealed Andrezjewski made only a single $500 payment (in May), proving that his hardship exemption must have been too hard. If the delinquent tax debt is not paid in full by March 13, 2016, the county will begin the tax forfeiture foreclosure process — which can take up to 18 months to complete.

So while Peanut may have indeed been buttered by Ingersoll, the taxpayers got creamed! 

And it now appears the duo that acquired four Grant Street properties from Ingersoll in July may have come from the same milieu — financially troubled and ethically challenged.

GRANT STREET GOBBLE: LAND CONTRACT-FUELED PROPERTY GORGE PRECEDED BY SUSPICIOUS & SUDDEN PAYMENT OF YEARS-LONG TAX LIEN; FINANCIAL BACKGROUND RIDDLED WITH OUTSTANDING JUDGMENTS, GARNISHMENT

As I exclusively reported yesterday, the government filed a supplemental brief asking for a restraining order under the 'All Writs Act' to prevent Ingersoll from dissipating assets that should be used to ensure payment of the fines, costs and restitution that he will be required to pay as part of his sentence in his federal tax fraud case.

In its brief, the government revealed that Ingersoll “apparently sold four properties on Grant Street in Bay City on land contracts. All four properties were sold for less than twice the state equalized value (SEV) of the properties. For example, one address had an SEV of $14,100, which suggests a value of $28,200, but Ingersoll reportedly sold that property for $5,000.” The four properties are 606 N. Grant ($10,000), 615 N. Grant  ($40,000), 616 N. Grant ($5,000) and 620 N. Grant ($20,000).

But who are Jeff and Cindy Bonem, the duo that ostensibly acquired those properties, and what links them to Steven Ingersoll?

While I'm still investigating the Bonem-Ingersoll nexus, the financial history of the Bonems is troubling: how is that a couple with thousands of dollars in outstanding unpaid civil judgments hanging over their heads would agree to pay Steven Ingersoll a total of at least $75,000 in property installment payments instead of using that money to satisfy their civil obligations? 

And how, after four years, did they manage to pay off a 2011 Michigan tax lien just weeks before acquiring four properties from Steven Ingersoll?

Was there a tacit agreement between the Bonems and Ingersoll to cover their tax debt, and did that potential quid pro quo drive the real estate transactions?

At this point, it's difficult to determine the answers to those questions, but a record search this morning at Bay County's 74th District Court revealed stunning information: the Bonems owe thousands of dollars in outstanding civil judgments.

Public court records reveal Cindy Bonem has one outstanding 2008 judgment after partially satisfying another claim owed in tandem with her husband, Jeff.

Jeff Bonem's financial picture appears to be much cloudier than his wife's: he owes a substantial amount on three outstanding judgments, including nearly $7,000 to Credit Acceptance Corporation — a company that successfully had a State of Michigan garnishment order issued against Bonem on July 21, less than a week after he and his wife acquired four Grant Street properties from Steven Ingersoll.

So, how does this bullshit continue, and when will it stop?

I'm hoping today's hearing provides some answers, but I suspect there will instead be more questions.

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