Space Tourism entrepreneur arrested on tax fraud charges
Mar 1, 2005 20: 52 EST
We published the Space expeditions list only last week and already we are in trouble. In the "Money" section, we listed Gold & Appel Venture Capital: "Had a good month when Spaceship One made it," we wrote.
Turns out February will be a much worse month for the G&A founder Walt Anderson (51). Saturday he was arrested at a Washington airport, in what federal prosecutors call the largest criminal case of individual tax evasion. The IRS wants Gold&Appel money - 200 million to be exact.
Tax check in the mail
That's pretty steep, considering Anderson reported a total income of only $67,939 in 1998 and paid a tax of $494. On the other hand, he flew private jets everywhere and bought lots of fine art. Officials now claim he actually made at least $126 million that year and the tax check is still in the mail. And from 1987 through 1993, Anderson decided to not file a tax return altogether.
Saving Peace
The money were made at Orbital Recovery (recycling telecomm satellites), which Anderson started after the AT&T breakup. He set up G&A in 1992, teaming up with the Russian builders of the Mir ("peace") space station in 2000, and formed MirCorp, a company designed to turn the Space Station commercial.
He invested 20 million in the project. Dennis Tito came on board, adding another $20 million for a trip to Mir. Reality TV producer Mark Burnett signed a contract with MirCorp for a show, “Destination: Mir”. Contestants were to train in Russia, with the winner getting a trip to the space station.
"I’m done being an angel investor for crackpot space enthusiasts. I want to be the guy who really commercializes space," Anderson said back then.
Treasure chest hidden on a tropical island
But officials now point to offshore corporations in the British Virgin Islands and Panama and a mailbox in the Netherlands as the angels private treasure chest. "Mr. Anderson's lavish life style was subsidized by honest, hardworking Americans," says IRS.
There's no bail, prosecutors claim "a flight risk" and a life in prison is at stake if he is convicted. Art and cash has however already moved to Switzerland.
"Not guilty," says the MIR knight, who hates the government anyway. "Innuendo and rumor," his lawyers chime in. A tip from a disgruntled business associate turned him in, according to the officials.
In any case, the event is sure to rock the tight-knit community of the wild horses in private Space Travel.
Image "Shuttlebucks, courtesy reisereporter.de, Copyright Thomas Haltner.
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