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Magnum Firearms owner indicted (Read 21183 times)

GZire

Re: Magnum Firearms owner indicted
« Reply #20 on: March 28, 2012, 01:20:43 PM »
The story on Hawaii News Now;

http://www.hawaiinewsnow.com/story/17270679/magnum-firearms-owner-sentenced-to-4-years-in-prison-for-tax-evasion


Quote
Magnum Firearms owner sentenced to four years in prison for tax evasion

Posted: Mar 27, 2012 3:25 PM HST
Updated: Mar 28, 2012 2:12 AM HST
By Minna Sugimoto




HONOLULU (HawaiiNewsNow) - A federal judge on Tuesday sentenced an Oahu gun shop owner to four years and three months in prison for tax evasion.

The IRS says Arthur Ong of Magnum Firearms created multiple phony trusts to hide millions of dollars of income from weapons sales. Authorities say he falsified tax returns and evaded about $900,000 in federal and state income taxes over a six-year period.

US District Judge Leslie Kobayashi ordered the gun dealer to pay more than $1 million in restitution.

Ong was not taken into custody Tuesday. He is expected to surrender on May 29th and will serve his time at a mainland facility.
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BananaClip

Re: Magnum Firearms owner indicted
« Reply #21 on: March 28, 2012, 05:35:36 PM »
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"In the beginning God created the heaven and the earth"- Genesis1:1 KJV

"The Truth Shall Set You Free"

"Once Blind But Now i See"

BananaClip

Re: Magnum Firearms owner indicted
« Reply #22 on: March 28, 2012, 05:38:07 PM »
I bought a firearm there about 2 months ago and he wouldn't take an offer..... Has anyone gone recently to check prices?
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"In the beginning God created the heaven and the earth"- Genesis1:1 KJV

"The Truth Shall Set You Free"

"Once Blind But Now i See"

SpeedTek

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Re: Magnum Firearms owner indicted
« Reply #23 on: March 28, 2012, 05:55:02 PM »
For sale valued at $4.5M 

$1.5M in inventory and $3M for the great name! and remaining lease on the building.

Make Offer!
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nf9648

Re: Magnum Firearms owner indicted
« Reply #24 on: March 29, 2012, 05:20:08 PM »
Someone should buy the inventory and sell it at cost on the EE...
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TeamMidori

Magnum Firearms owner indicted
« Reply #25 on: March 29, 2012, 05:54:46 PM »
I'll bid $3 for the name
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rswarrior1700

Re: Magnum Firearms owner indicted
« Reply #26 on: March 31, 2012, 11:42:07 PM »
Coworker told me he going to donate his buisness to a church.

I say liquidation sale
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