Federal Court Bars Ohio Accountant from Selling Oil and Gas Tax Scheme

WEBWIRE – Thursday, August 07, 2008 Alleged Revenue Loss Estimated Between $5.7 and $6.9 Million WASHINGTON – A federal judge has barred accountant Daniel D. Weddington of Newark, Ohio, from promoting an alleged tax fraud scheme involving interests in gas and oil wells, the Justice Department announced today. The government’s amended complaint in the civil injunction case alleged that Weddington and other defendants sold the scheme to more than 200 customers across the country that resulted in an estimated loss of between $5.7 and $6.9 million to the U.S. Treasury. According to the amended complaint, customers used the scheme to claim income tax deductions for fictitious well drilling costs. Customers allegedly paid for their investments using sham notes that were paid off by fictitious gas royalty payments from fictitious... [read full story]