Reply #7: Rich-not just tax evasion: [View All]

But tax evasion was just the final piece of the Rich indictment.

Rich was also charged with a complex oil scam that exploited America’s energy crisis in the early ’80s. The 65-count indictment claimed he had secretly bought up millions of barrels of Texas crude oil then under strict price controls and relabeled the oil as decontrolled supplies, ultimately selling it on the open market for huge profits — reportedly $100 million.

And while 52 Americans were held hostage in Iran, Rich’s company allegedly made another fortune by trading with the Ayatollah Khomeini’s regime in violation of a strict American trade embargo.

Rich and his partner were then charged with failing to pay U.S. taxes on the profits.

-snip

http://www.msnbc.msn.com/id/3071886