Florida lady and her two kids consented to reimburse almost $3 million

A Florida Family Has Agreed To Pay $3 Million To Settle An FBAR Case

2022-06-02 08:25:19

A Florida lady and her two kids consented to reimburse almost $3 million to resolve an Internal Revenue Service suit that alleged they were unable to document foreign bank account reports for multiple years, as per court documents.
Patsy Weatherly and her kids Pamela and Todd Weatherly reached an agreement in a Florida federal court on Monday for a bank account in Antigua and Barbuda. Patsy allegedly maintained more than $3 million in a bank account at Stanford International Bank in Antigua and masked her possession of the bank holdings through a Panamanian entity, according to a lawsuit filed by the U.S. in 2019.
According to the lawsuit, she declined to receive account notifications at her Florida home and transferred nearly $1 million of her money to her children.
According to the authorities, Patsy Weatherly's account was frozen in early 2009 due to the government's arrest and trial of R. Allen Stanford, the head of Stanford International Bank Ltd., who was eventually convicted of conducting a Ponzi scheme. Stanford was sentenced to 110 years in prison for his role in the $7 billion Ponzi scam, which gave investors interest-bearing certificates of deposit.
Patsy Weatherly will reimburse the U.S. government $1.9 million-plus interest as part of the settlement. She will also pay the government whatever money she owes the government due to the receivership in SEC v. Stanford International Bank Ltd. For as long as Patsy resided in Florida, the government promised not to collect the money owed by taking her home forcefully.
Pamela Weatherly also agreed to pay the government $204,000 as part of the settlement. Todd Weatherly agreed to pay $859,000 plus interest as part of a settlement.
The U.S. government's legal counsel refused to comment.

The Weatherlys' legal representatives did not reply to calls for comment.

Kari A.R. Powell, Margaret Sholian, and Thomas K. Vanaskie of the U.S. Department of Justice's Tax Division represent the U.S. government.

Michael Cavendish of Cavendish Partners PA represents Patsy, Pamela, and Todd Weatherly.

The case is U.S. v. Patsy Weatherly et al., 3:19-cv-00802, and it is being heard in the United States District Court for the Middle District of Florida.

Erwin Mattegon