Todd Coontz, a North Carolina televangelist, was indicted on charges of tax fraud for non-payment of income taxes for a 10 year period as well as filing false returns for 2010 through 2013. The amount of the tax liability owed is more than $326,000.
Coontz, who “promised financial miracles for people who sent money to his ministry” with such claims as “You need to plant the $273 recovery seed. I’m only going to give you two or three minutes to respond.”
Coontz also purchased a 2011 BMW, a 2011 Regal 2500 boat, a 2012 BMW convertible, a 2011 Lexus, a 2011 Land Rover, a 2006 Ferrari, a 2012 Maserati, a 2013 BMW, a 2013 Land Rover and a 2012 Ferrari with funds through his corporation. The payments for these vehicles were treated as business expenses on the corporation and ministry’s accounting records even though they were driven by family members, and no records were kept about the business use of the cars.
The ministry also purchased a $1.5 million condominium and claimed $200,000 for clothing purchases as a business expense.
The indictment also states that Coontz hid income from the IRS by claiming travel as a business expense while at the same time, receiving travel reimbursement that he kept as personal income, and billing the church for first-class airfare that he did not actually purchase.
Coontz could face up to 15 years in prison if convicted on all counts.
HOBOKEN TAX, LLC.