Word: engelstad
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Dates: during 1983-1983
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...Ralph Engelstad, owner of Las Vegas' Imperial Palace casino, did extensive financial homework before investing $2 million, by having his accountant Ira Bradshaw carefully scrutinize the Sentinel offering. Said Bradshaw: "From every possible angle it seemed a viable investment...
...Engelstad and the other Sentinel clients could see their tax deductions turn into nightmares if the defendants are convicted and the write-offs are disallowed. Although the Sentinel customers do not face any criminal liability, the Internal Revenue Service could force them to cough up back taxes. The investors, who have already lost some of their principal, could owe the IRS as much as $65 million, or half of the $130 million they thought was protected in a tax shelter...
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