Oklahoma Couple Denied Bankruptcy Discharge After They “Lost” $90 Million in Assets
A federal court denied Tucker and Vickie Link’s request to discharge their debt due to bankruptcy because they could not adequately account for $90 million in assets.
In court proceedings, Tucker and Vickie Link claimed they had $79,000 in assets and debt of over $30 million, which was mostly from tax liabilities to the IRS, according to a press release. The judge attributed the denial of bankruptcy discharge from the U.S. Trustee Program and Tax Division of the Justice Department to the failure of the Links to produce business records or file tax returns in recent years.
How Bankruptcy Works
During the bankruptcy process, courts decide if a discharge is warranted, which can release the debtor from the obligation to pay off certain types of debt. The discharge is permanent and protects the debtor from having creditors take collection actions against them, according to the official U.S. Courts site.
What the Links Did Wrong
The Links had not filed federal tax returns since 2015 and failed to maintain any business records since 2016, with the exception of bank statements and promissory notes.
They blamed the IRS for the lack of tax returns, claiming they were waiting on a resolution of pending disputes regarding an IRS tax levy of over $2.7 million for tax liabilities from 2008 to 2012. However, over the course of 20 years, they created a complex web of corporate entities, revocable trusts and foreign businesses in an attempt to shield tax obligations on their income, according to a memorandum from the judge. All of this was used to support their luxurious lifestyle and pay for their ranch, three homes and yacht. They also used business accounts to pay for personal expenses, prosecutors say.
Monumental Losses
When confronted with questions regarding the monumental losses, the Links could only produce generic bank statements, and the verbal testimony of Tucker Link left no clear picture of what happened to the money. Bank statements showed massive transfers between Link-controlled entities without any documentation of what those funds were for.
“In this judge’s almost 28 years on the bench, never has so much been said for so long with so little substance,” United States Chief Judge Terrence Michael wrote in his opinion.
Tucker Link explained that after 2015 they had started a “liquidation mode” that involved moving around funds between Link entities to sustain operations and cover debts. However, aside from bank statements showing the movement of money, there were no other records to substantiate any of Tucker Link’s claims.
After weighing the testimony of Tucker Link and the lack of any sort of business documents to support his claims, the court ultimately decided to deny the discharge. A denial is rare and is typically only found as a result of major misconduct by the debtor.
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