U.S. officials said David Plummer, his son, Spencer Plummer, and accountant Terry Green operated a mare leasing program through their a horse farm north of Versailles, Ky., that offered fraudulent tax benefits to investors, the Louisville (Ky.) Courier-Journal reported Tuesday.
The government said the three falsely told investors they could file for tax deductions from their involvement with ClassicStar LLC's breeding program, resulting in $500 million in fraudulent deductions and a tax loss to the federal government of more than $200 million.
The Courier-Journal said former investors have taken ClassicStar LLC, and the Plummers' related firms, ClassicStar Farms and GeoStar, to court over the mare leasing program.
ClassicStar Farms was the majority owner of 1998 Kentucky Derby and Preakness winner Real Quiet, the report said.
Copyright 2009 by United Press International.
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