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" ... We now turn to the malignant version of PPLI (one might use the alternate adjectives of "aggressive" or "abusive") that is the subject of today's discussion. One such transaction that went around involved the selling of an operating business interest into the PPLI policy, such that the bulk of the profits of the business were upstreamed into the tax-free investment account of the policy so that the business owner avoided the tax on that income. With this transaction, the PPLI policy became little more than a tax-free wrapper for the income of the operating business, and other contrivances were implemented so that the owner could soon take back the money via policy loans or otherwise without taxes on that income ever being paid. ... "
" ... What should have happened was that after the Garland condo was sold, 3 Squared should have dissolved, and the $224,000 in net sale proceeds should have been upstreamed to SSG, who then should have distributed those proceeds so as to be picked up by the 2013 charging order. But that didn't happen. Instead, O'Malley caused 3 Squared to dissipate all but $144,000 of the funds on expenses that had nothing to do with 3 Squared, using the money in 3 Squared's account as his personal piggy bank. ... "