Texas billionaire Ed Bosarge is accused of hiding up to twelve billion dollars from the grasp of the Internal Revenue Service, but now we know one of Houston’s richest men just took taxpayer money from the government’s small business bailout.
Three businesses owned by controversial Houston billionaire Ed Bosarge were given up to 1.7 million dollars according to documents released by the Small Business Administration.
Houston Health Span, a life sciences company, received up to 350,000 dollars for five jobs. Sola, a sugar substitute venture, also received up to 350,000 dollars. The biggest chunk of the money went to Capitol Technologies, doing business as The Bosarge Family Office. That is the administrative arm of family investments and business. Capital Technologies received up to 1 million dollars.
Ed Bosarge is locked in a nasty divorce case playing out in courts in Houston and South Dakota. He is also facing fraud allegations in at least two other lawsuits.
In the divorce case, his longtime wife, Marie Bosarge, claims the Houston billionaire is trying to hide up to 12 billion dollars in assets in trusts spread around the world to evade taxes.
Court documents allege up to 2. 3 billion is being hid in South Dakota trusts. Publicity around the case is putting a spotlight on South Dakota’s reputation as a “little Switzerland” where as much as 3.2 trillion dollars are evading the tax man.
“Ed Bosarge has mansions and yachts spread around the world and he hides his riches from the IRS, yet he’s more than willing to ask taxpayers for help instead of selling one of his toys,” says Wayne Dolcefino, President of the Houston based investigative media consulting firm probing the growing fraud allegations around Bosarge.
“He ought to pay every penny back.”