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.
The coronavirus pandemic has already delayed the planned jury trial this month for Ed Bosarge, the Houston billionaire accused of trying to cheat his wife of 30 years out of their shared fortune.
Now the 80-year-old Houston medical center pioneer says he has COVID-19. The medical breaking news came just as the Wall Street Journal highlighted the contentious legal battle that exposes the way the uber rich try to hide their money.
The headline: “A Houston billionaire is accused of using a complex web of trusts and limited liability companies to prevent his wife from accessing cash and the 13 homes they acquired together.”
“I don’t think the laws of South Dakota, the State of Texas or anything that we might imagine somehow frees him of an obligation that he has undertaken at the time he married Mrs. Bosarge,” Judge Wells angrily told Ed Bosarge’s lawyers. “Scheme may be the key word… We can play this game… with regard to fraud on the community estate… I promise you it’s not going to go well… I don’t have to tolerate your disrespect.”
Attorney Bucky Allshouse says if Ed Bosarge gets away with his plan then no wife would be safe.
“I want him to be fair. You know, we made our money in Houston. It’s community property. It’s fifty-fifty. I want what’s fair,” said Marie Bosarge.
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