Simon Says It Ain’t So! Simon Guobadia Sounds Off…
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Simon says it ain’t so!
Simon Guobadia is sounding off after being hit with a federal tax indictment involving hundreds of thousands of {dollars}, and he’s adamant that the Department of Justice has it all unsuitable. The businessman and former husband of The Real Housewives of Atlanta star Porsha Williams is going through two federal counts of allegedly aiding in the preparation and submitting of false tax returns, but he’s firing back at the allegations, calling them “grossly exaggerated.”
Simon Guobadia indictment: What occurred?
According to court paperwork obtained by GWN, Simon was indicted Tuesday (Oct. 27) in federal court in Georgia. Prosecutors allege that the entrepreneur knowingly underreported his income on a number of tax filings, despite his companies bringing in hundreds of thousands of {dollars}.
In March 2021, Simon allegedly filed paperwork reporting $0 in taxable income, despite prosecutors claiming he knew he had earned considerably more. The feds also allege that he underreported gross sales from his company, Simcol Petroleum Limited, which reportedly generated more than $45 million in product sales.
And apparently, that wasn’t the only submitting raising eyebrows.
Prosecutors allege that in July 2021, Simon again reported significantly less than what his business was bringing in, claiming just $58,231 in taxable income while Simcol Petroleum Limited listed practically $31 million in product sales.
According to the indictment, Simon allegedly knew both his taxable income and his company’s product sales have been considerably greater than the quantities reported.
Court data also point out that an arrest warrant has been issued for Simon, although it stays unclear whether or not he has been taken into custody.
Simon Guobadia Speaks Out, Denies Allegations In Federal Tax Indictment
Simon isn’t staying silent about the federal indictment. The businessman is pushing back against the allegations, sustaining that federal prosecutors have misinterpreted his company’s financial data.
In a assertion, Simon pointed to his background in accounting and said he understands the seriousness of the fees against him.
“As a former tax accountant and CPA, I understand the consequences of filing a false tax return. I am also completely confident that the U.S. Department of Justice got this wrong.”
He went on to defend the financial reporting practices of his petroleum business, arguing that the federal government’s allegations fail to account for how the oil industry operates.
“Oil companies do not overstate their cost of goods sold or the federal taxes they collect and pay over to the government. My deductions for those payments can be independently verified.”
Simon also emphasised the industry’s slim revenue margins, suggesting that the multimillion-dollar gross sales figures cited in the indictment don’t essentially replicate the company’s taxable income.
“Anyone who knows the oil industry will tell you our margins are thin.”
He concluded by criticizing the public consideration surrounding the indictment, arguing that the allegations have created a deceptive impression of his business dealings.
“These widely publicized indictments create an impression, hopefully not on purpose, that is grossly exaggerated.”
Despite Simon’s emphatic denial, the federal prices stay pending, and his claims about the company’s financial reporting haven’t been independently verified.
The post Simon Says It Ain’t So! Simon Guobadia Sounds Off On Tax Fraud Fiasco, Says DOJ ‘Got This Wrong’ appeared first on GWN.
