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verokmed
10-09-2013, 11:35 PM
Patricia Hough, according to her lawyers, is an altruistic psychiatrist who helped her husband build two Caribbean medical schools. To prosecutors, she is a tax cheat who used offshore accounts to avoid paying taxes on millions of dollars from the schools’ sale.

Jury selection began today in federal court in Fort Myers, Florida, where Hough, 67, is accused of using accounts at UBS AG (UBSN), the largest Swiss bank, and elsewhere to hide assets and income from the Internal Revenue Service, including almost $34 million she and her husband made when the schools were sold in 2007.

Source: Caribbean School Founder Faces Trial Over Swiss Accounts - Bloomberg (http://www.bloomberg.com/news/2013-10-08/caribbean-medical-school-founder-faces-trial-over-swiss-accounts.html)

Bio hazzard
10-10-2013, 12:23 AM
Old news has been posted before, granted now they are going to court.

joelpi
10-26-2013, 08:15 PM
This is from a Bloomberg article:

"Caribbean Medical School Founder Guilty at Tax Trial
Patricia Hough, 67, was convicted yesterday in Fort Myers, Florida, of conspiring to defraud the Internal Revenue Service and filing false returns from 2005 to 2008. Prosecutors said Hough didn’t tell the IRS about more than $35 million that she and her husband, [email protected] Fredrick, made when the schools and real estate were sold in 2007... Fredrick vanished after the indictment, leaving his wife to face trial alone. U.S. District Judge John Steele, who oversaw a trial that began Oct. 8, declared Fredrick a fugitive."

Back when I attended Saba University (I'm a 2008 graduate) they bragged about how the school was not for profit. What a joke.

bloomberg.com/news/2013-10-24/caribbean-medical-school-founder-guilty-at-florida-tax-trial-1-.html

Bio hazzard
10-26-2013, 10:06 PM
Fact was that when Fredrick was the owner tuition was very low compared to the other schools, the quality of education was decent as well. The majority of money he made was with the sale of the schools.

joelpi
10-27-2013, 08:08 AM
Fact was that when Fredrick was the owner tuition was very low compared to the other schools, the quality of education was decent as well. The majority of money he made was with the sale of the schools.

Tuition was definitely lower than most other schools back in 2004-2008 when I attended. I always had a hard time believing their "not for profit" claim though. They charged something like $6000 per semester for clinical rotations back when I attended so they must have been making bucket loads of money from clinicals even then. Also, the title "not for profit" implies a certain level of altruism. Subsequent events, as outlined in the Bloomberg article, would suggest that the founders were not entirely selfless people. Again quoting from the Bloomberg article "Hough and her husband used the proceeds of the school sales to buy a $1.6 million airplane, a $1.1 million house in Asheville, North Carolina, a $590,000 house in Greenville, North Carolina, and an $800,000 condominium in Sarasota, Florida."

I have nothing against Saba University. This school gave me an excellent education.

This conviction should not deter people from attending. Saba is under different management now. Hough's conviction is interesting mainly in a historical sense.







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