Terry Neal, the chairman of Itex corporation, was involved in shady deals on more than one occasions.
First he was in news for barter deals involving “Unknown offshore entities”. This was done in the instance of BRIAN M. O’CONNELL, age 50, of Wilton, Connecticut, who later turned in this case.
O’Connell, of The O’Connell Group, Inc., read a book “The Offshore Advantage” by this autor and approached Terry for protection of his assets. Through his Nevis American Trust Company, O’Connell set up four companies (International Recruiters Cooperative, Leading Edge Recruiting Network and Eagle Capital Finance Corporation, Private Source Lending) and then he diverted funds for defrauding the Government of USA to the tune of $143,718.
However, the Nevis American Trust Company continued to remain in advantageous position in regarding the asset protection company as others thought that the US Government was helping the company.
Subsequently, Terry Neal was barred from holding any public position in any of listed companies and was ordered to repay $2.3 million and a penalty of $200,000. Terry Neal was also involved in shady tax matters and was arrested for defrauding the State. Terry was arrested in connection with his Income tax return for three years (1994, 1995, and 1996). He may be sentenced to 5 years of imprisonment if found guilty.
Terry, the author of "The Offshore Advantage" and four other books, (primers on lowering tax obligations), was finally caught by IRS.
These activities, if it is needed, is proof that crime does not pay and I do not recommend his material.
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