IRS can pursue Stanford for taxes

March 16, 2009 12:58:56 PM PDT
A federal judge is allowing the government to go after at least $226.6 million in back taxes, penalties and interest it says are owed by R. Allen Stanford, the Texas billionaire who has been accused of conducting an $8 billion investment fraud through an offshore bank. [SIGN UP: Get headlines and breaking news sent to you]

U.S. District Judge David C. Godbey in Dallas also granted Friday the request of the Internal Revenue Service to order Stanford to file his tax return for 2007 by April 15. Stanford and his wife, Susan, may owe taxes in addition to the $226.6 million for 1999-2003, the IRS said in a court filing.

Stanford was charged with fraud last month by the Securities and Exchange Commission in a civil proceeding. He has been ordered to surrender his passport but hasn't been charged with a crime.

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