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Show White Collar Frauds Cain Momentum In Utah Cities White collar frauds are gaining momentum in Utah, according to sources of the Utah Bankers Association. November has been declared . by the Utah Bankers Association as Anti-Fraud Anti-Fraud Month in Utah to warn citizens of the numerous schemes Of bunco artists. The "pure equity" trust fraud is becoming more common in Utah, according to members of the fraud squad in the Utah Attorney General's Office. 'This fraud crops up most often during income tax filing time. A company will claim that it can legally show a person how to avoid paying income taxes by putting all his money in a pure equity trust. For a fee, the company will send the individual educational materials so that he can form his own pure equity or family trust. The company's fee varies from $200 to $2000 according to a person's net worth. Some companies will even tell their clients that avoiding income taxes through a pure equity trust has been a secret of the federal government for-over for-over a hundred years, and that there has been a conspiracy con-spiracy between the federal government, attorneys, and accountants to keep it from the public. The pure .equity trust is entirely illegal for avoiding taxes on personal income. An individual may be charged with income tax evasion. Another fraud which strikes small businesses is the "loan feasability study". A com-. pany offers to find money for a business, after doing a feasability study on the loan. The fee charged for the feasability study may range up to $1,000. The so-called study usually comes back negative on the loan. Actually; Ac-tually; no feasability study has been done at all. The report is only a duplicate of other studies in the. com-" com-" pany's file. Citizens are also warned to be suspicious of unknown stock and franchise deals, and individuals who want cash-in advance for selling real estate. When purchasing real estate, a person should make sure the title is transferred, and the warranty deed is properly filed. There have been several instances in Utah, where real estate has been sold twice, and the second buyer has been cheated, according, to members of the Attorney i General's fraud squad. The Utah Bankers Association warns all Utah citizens to be wary of deals which sound too good to be true especially when thev' ' require cash in advance, i Often personal honesty is a person's best protection ) againsty fraud, emphasize ) sources of the Utah Bankers Association. Contact your bank or local law authorities immediately whenever you suspect fraud. IIUUUUXUUUIMOIIItAIMUUUM |