Fraud Friday: Gold and silver coins


Married California doctors were charged with tax evasion for hiding income by converting revenue from their alternative medicine clinic into gold and silver coins, placing assets under different names, and using cash to conduct business. The couple instructed their patients to pay for their medical services with checks payable to gold dealers, who then would purchase gold and silver coins. The couple converted nearly $4 million of revenue to gold and silver coins between 2007 and 2014. (https://sanfrancisco.cbslocal.com/2020/03/02/santa-rosa-husband-wife-doctors-gold-coin-purchases-tax-evasion/)

CPAs, get four hours of fraud CPE with our 2021 Fundamentals of Fraud Prevention & Detection Live WebinarClick here for more information.