Horseracing

Your email address is safe with us. View our Privacy policy.

The Funnies:

Get free jokes, comics, and more! See them all on
our funnies page

Games:

Fun online games, quizzes, hangman and more on the games page

Ky. breeders plead guilty to tax fraud

LOUISVILLE, Ky. (UPI) -- The owners of a Kentucky horse farm have pleaded guilty to a $200 million tax fraud scheme, prosecutors say.

U.S. officials said David Plummer, his son, Spencer Plummer, and accountant Terry Green operated a mare leasing program through their a horse farm north of Versailles, Ky., that offered fraudulent tax benefits to investors, the Louisville (Ky.) Courier-Journal reported Tuesday.

The government said the three falsely told investors they could file for tax deductions from their involvement with ClassicStar LLC's breeding program, resulting in $500 million in fraudulent deductions and a tax loss to the federal government of more than $200 million.

The Courier-Journal said former investors have taken ClassicStar LLC, and the Plummers' related firms, ClassicStar Farms and GeoStar, to court over the mare leasing program.

ClassicStar Farms was the majority owner of 1998 Kentucky Derby and Preakness winner Real Quiet, the report said.

Copyright 2009 by United Press International

This news arrived on: 10/27/2009

Share this Story