More on CMC $300 Million Tax Evasion Indictment by Christopher Menkin If you missed the story we sent out Wednesday afternoon, here it is: http://www.leasingnews.org/archives/August%202006/08-16-06-Flash.htm The dollar amount is the total earned and not what was unreported, so it may be less, or it may be more, as they may have had other income, too. $300 million was the total income. In addition, the IRS matter regarding “back taxes” and financial penalties will be handled by the Internal Revenue Service. The criminal penalties of five years for each count would be fifteen years, or seven and a half years for good behavior. In addition, any tax money they owe, they would have to pay to the IRS. In addition, their personal attorney fees and costs won't be cheap either. The guess as to how much actual cash or liquid assets the officers have tucked away may be measured by the attorneys who represent them. It took the US Attorney's office four years to build their case, and it will not be cheap to make a run at knocking it down. Leasing News was unable to contact any of the parties named in the indictment. The Leasing News story on Commercial Money Center in Southern California started with the company's expulsion from the National Association of Equipment Leasing Brokers on November 19, 2001 in an announcement by then president Mike Meacher. One of the first Leasing News Forum Chat Rooms had Bill Hanson, Vice-president and sales manager, saying that the company was unjustly "kicked out" and was viable, all brokers and vendors would be paid. The real story started to come out, allegedly that the man behind the scenes in charge was Ron Fisher, who had several operations in Florida and Las Vegas, and due to a bankruptcy, could not be present. The gimmick was selling to banks leases backed by insurance guarantees. As the scheme started to fall apart with "double-dipping" and alleged fraud, the company went into bankruptcy. The CMC officers left and started other leasing businesses, which Leasing News wrote about. In one of the memorable responses to the early charges, this came from Bill Hanson ersatz adopted son, Ty Hanson: “First, that Ron Fisher was sued for malpractice and doesn't hold a medical license in Florida. “Two, that Commercial Money Center is being sued for over 6 million dollars by insurance companies for fraudulent deals. Ron had a chiropractic practice in Florida with several doctors on staff. ONE of the doctors was sued for malpractice, which caused the whole practice to be in the suit. Ron was later dropped out of the suit! The only reason he doesn't have a medical license in Florida is because he stopped practicing and moved to California and started a leasing company. “Two, Commercial Money Center is being sued by one of our surety companies for over six million dollars. But does anybody talk about the 600 MILLION dollar lawsuit that Commercial Money Center has against the surety company? I don't know for sure what went on with the surety companies, Commercial Money Center, or the investors. But, I do have more facts that most of your readers. “One, Commercial money Center DID refund over 1.4 million dollars in advance rentals. “Two, Ron made sure all the employees at Commercial Money Center were paid before he closed the Escondido office. “Three, Ron is in the process of filing a class action lawsuit for the employees against the surety companies that refused to honor their bond! “ Four, Ron has won an injunction against a former disgruntled business partner who enjoyed sending lies and falsehoods to newspapers, banks, lessees, etc.... about Commercial Money Center without signing his name! “In closing, I don't know if Commercial Money Center is flawless, but I like to go with patterns and consistencies. Is it an insurance company that refused to pay when the claims were made on these tough to do deals, or Ron Fisher, a man that sent over a million dollars in advance rentals to insurance companies so deals could be funded. “When these deals did not fund, he paid everybody back with HIS own company bankroll.HMMMMMMMMM Insurance companies that fight and don't pay claims or Ron Fisher, a man that steps up to the plate and does the right thing! Until Commercial Money Center's 600 million dollar lawsuit is settled, I am standing by Ron Fisher. And by the way, unlike most of your Monday quarterback readers who love to put in their 2 cents.............I WILL SIGN THIS LETTER! ! “Ty Hanson Later as “Conrad and Associates,” Bill Hanson and company reportedly took funds from investors, then “disappeared.” One of those who he owed money traced his current relationship to Ron Fisher: More on Ron Fischer/Bill Hanson “Ron Fischer told me and my ex-husband Fred Dempsey. When questioning the validity of the investment before we gave him $50,000, he told us he had been a long time investor and had much more than $50,000 invested. He assured us it was very safe and all up and up. It was probably just been a lie to entice us to give him the money, but that is what he told us “I wanted to be clear to the public that he (Ty Hanson) is lying and covering for Bill Hanson and Ron Fischer when he said only 3 investors were affected by Conrad and Associates miss-deeds. I know Ron Fisher sold this leasing scam to at least two others (my father and my ex-husband), and he said he was also heavily invested. If there were only three investors, an organization with integrity would contact these 3 investors to discuss a resolution. He is also lying about not living in the lap of luxury. I can send you photos of Ron Fischer's Gulf Front home and his Yacht
“Ron Fischer told me and my ex-husband Fred Dempsey. When questioning the validity of the investment before we gave him $50,000, he told us he had been a long time investor and had much more than $50,000 invested. He assured us it was very safe and all up and up. It was probably just been a lie to entice us to give him the money, but that is what he told us.”
View from the Condo Janice Berner (Leasing News did not publish all the photographs sent. Here is the story about Ty Hanson in defense of Conrad and Associates. Here are a collection of previous CMC stories: From “The List:” |
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