Ex-Real Estate Investment Guru Sentenced To 7+ Years In Tax Fraud

The Los Angeles Times reports the following out of Seattle, Washington:

• "Former investment guru, author and speaker Wade Cook has been sentenced to more than seven years in prison and ordered to pay millions in back taxes on underreported income as part of a tax evasion case. Cook was sentenced Thursday in federal court for repeatedly defrauding the Internal Revenue Service."

Reportedly, Cook shut down his business operations in February 2003, a month after his publicly traded company, Wade Cook Financial Corp. of Tukwila, Washington, filed for Chapter 11 bankruptcy protection. His net worth had been estimated at over $200 million at one point. For more, see Investment guru sentenced in fraud.