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IRS Takes Down Florida Doctor Who Hid $35 million in Foreign Bank Accounts

Thursday, October 24, 2013 was a sad day for the international medical community, as one of their own, psychiatrist, Dr. Patricia Lynn Hough, was convicted by a jury in Ft. Myers, Florida of conspiracy to defraud the Internal Revenue Service by hiding upwards of $35 million dollars in offshore accounts at UBS and other foreign banks. She and her husband are doctors who owned two medical schools in the Caribbean, which sold for $35 million dollars in April 2007. Shortly thereafter, the money from the sales disappeared and was traced by the IRS to offshore accounts.

The unabashed nature of her fraud is compelling considering the psychiatric profession from which she stems. While, I am not a doctor - but a tax lawyer - it certainly sounds like a hint of megalomania - no doubt about it.

Using nominee entities and other shell names to conceal their identities, she and her husband, who still awaits trial, flagrantly defrauded the federal government by taking the monies from the sale, and moving them offshore. $35 million is a large amount of money to simply disappear. It is absolutely legal to have offshore accounts, but these accounts must be declared. Dr. Hough, however, failed to disclose any of her offshore holdings, or declare any income from the sale of her medical schools. The evidence also showed that Dr. Hough filed false tax returns understating her income in 2005, 2006, 2007, and 2008.

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