More psychic predictions realized!
There it is, 10 million in 2008, and that is a minimal lowball.
And JRI pays James Ray expenses, as predicted.
But to who does JRI owe "$5.3 million in liabilities"?
It could be to other companies that may be controlled by James Ray indirectly, for example.
Where is the money going? asks the auditor.
Hopefully they will open up the washing machine, and take a look
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verdenews.com]
James Ray assets debated during hearing
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Echols, questioned by Deputy County Attorney Bill Hughes, told the court that Ray's net worth statement is not accurate. He said that while James Ray may hold interest in James Ray Intl., Institute for Global Harmony and Integration Inc., White Wolf Intl., and Quantum Shift, the assets and liabilities of those corporations are not his personally.
James Ray Intl. profit and loss statement shows $929,000 in assets, but $5.3 million in liabilities.
Ray is associated with six properties in Hawaii, L.A. and Las Vegas. Quantum Shift was formed to purchase a Beverly Hill property at $4 million; $1 million was put down on the property and $300,000 has been spent to improve it.
The White Wolf entity holds proceeds from book, tape and seminar revenues. Proceeds from that account had been removed, said Echols. He reported that it had $1.1 million in gross revenue, but "nothing shows where the money went."
Echols complained that in some cases only the first page of a tax return had been submitted, in one case two pages and one case four pages. At least one return should have had 50 pages, which would have told more of the story. "Interest income could lead to undisclosed assets."
The federal examiner said that JRI and White Wolf combined took in $10 million in 2008, so August and September should have averaged $800,000 each month, but only $148,000 was reported for the last four months. "Where is the money going? I couldn't find it in JRI."
Echols wondered about $508,000 that was transferred out of the several Morgan Stanley accounts.
Bill Hughes speculated that some of that money may have been transferred to attorneys. But Ray Attorney Luis Li protested the release of those details.
After additions and subtractions, Echols said his figures show Ray's net worth is actually $2.4 million plus a Mercedes, Dodge Tahoe, Range Rover and 911 Porsche, jewelry and the expenses JRI pays for Ray.
His adjusted gross income for 2008 is $4,961,104.
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Edited 1 time(s). Last edit at 02/25/2010 03:55PM by The Anticult.