KWF filed its forms 990 with the IRS, as a proper 501 is expected to do According to the form 990, the organization received nearly $2 million in contributions and grants in 2015, and double that amount in 2016. Singer, who signed the form as President, represented that he received no salary for his role.
According to court documents, receipts to the KWF were not charitable, but were instead payment for services to guarantee college placement. And those grants to schools and other charitable organizations? Disguised bribes. In addition to generating and supporting false charitable donations, by incorporating KWF as a fake tax-exempt organization, Singer created the perfect cover. And those parents who took advantage of the chance to get their children into an elite school by making a “donation” to KWF? They may now be on the hook for tax fraud.
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Tax Fraud A Key Role In Major College Admissions Scandal Involving Hollywood Actors, CEOs & MoreSome parents will do anything to get their kids into an elite university - even commit tax fraud. That’s what the Federal Bureau of Investigation (FBI) and the U.S. Attorney’s Office in Boston allege happened as part of a massive multi-million dollar college entrance admissions scandal. Speaking of fraud, how much do corrupt banks pay to get on your Forbes Top Bank List? Do a Facebook search on “USAA Scams”. In Jan 19, the CFPB fined USAA $15.5 million. In Feb 19, the OCC issued USAA a cease-and-desist order for “engaging in unsafe or unsound banking practices” I can hear it now....”but for this isolated event (insert wealthy parent name) has lead an otherwise blameless life” This would have made a wonderful plot-line in 'Desperate Housewives'; Harvey Weinstein could have accomplished this for the actresses w/o the criminal charges.. - Tax Fraud A Key Role In Major College Admissions Scandal viz. Hollywood Actors, CEOs & More
Source: Forbes - 🏆 394. / 53 Read more »