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Word: scammed (lookup in dictionary) (lookup stats)
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...faces a maximum of 725 years in prison and $24.25 million in fines for paying bills with over $1.8 billion in bogus Republic of Texas financial documents. McLaren's wife, Evelyn, faces up to 155 years in jail and $5.2 million in fines for her role in the scam. The couple is currently sharing a jail cell in Marfa, about 30 miles from the site of the standoff...

Author: /time Magazine | Title: Shootout in Texas | 5/5/1997 | See Source »

...filed 145 false returns, using W-2 forms, fictitious names and phony Social Security numbers to get refunds for the phantom taxpayers. He too received refund anticipation loans. When the IRS began to improve its control on Social Security numbers, Hersch started using real numbers to perpetrate the same scam. All told, he filed 431 false electronic returns claiming refunds of $1,131,241. He was nabbed after the IRS raided his office in 1993, and is serving five years in a federal prison. No one knows how many folks pulled off this ruse, but it is safe...

Author: /time Magazine | Title: AN OVERTAXED IRS | 4/7/1997 | See Source »

Another sublimely uncomplicated scam involved the earned-income tax credit (EITC), which gives a tax credit to low-income families for each of their children. No complex accounting rigmarole here. Thousands simply gave birth to paper children on their tax forms and immediately got their "credit" in checks from the IRS. The cost: "a couple of billion," according to former IRS Commissioner Larry Gibbs. But that is almost certainly a lowball figure. According to the restructuring commission, at least a quarter of the more than $25 billion in refunds went to people who were simply ineligible, and an additional...

Author: /time Magazine | Title: AN OVERTAXED IRS | 4/7/1997 | See Source »

...People told me it was a scam, but it's legit," he says. The company trained him and helped him with the logistical work...

Author: By Lori I. Diamond, | Title: Student STARTUPS | 3/15/1997 | See Source »

...YORK: Hundreds of Internet users looking for free pornography got something else when they tried to download pictures from three U.S. websites: hundreds of dollars in phone charges to a former Soviet republic. The Federal Trade Commission shut down the scam, charging three people and two companies in New York state with false and deceptive advertising. The ring allegedly lured Web surfers to its sites with the promise of free erotic pictures. Those who wanted to see the photographs first had to download special software that, once installed, surreptitiously hijacked the computer's modem. The program disconnected the users from...

Author: /time Magazine | Title: XXX Pictures, XXL Phone Bill | 2/20/1997 | See Source »

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