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Caterpillar HQ here in Central Illinois is being raided by the FEDS and the IRS.

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posted on Mar, 2 2017 @ 01:01 PM
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I'm about ten miles from the HQ, and this is popping up EVERYWHERE on social media. From what I've gathered, search warrants have been made for three locations.

One in East Peoria, in Morton, and at the HQ in Downtown Peoria. I have family that works at both the Morton and EP site - I'm reaching out to them now to see if they have any more information.

Here is a link to a local news outlet who have a short article regarding this - but there's not much information out now.

From the article:


PEORIA, Ill. (WEEK) -- - A Caterpillar spokeswoman said law enforcement is present in various Peoria-area Caterpillar facilities executing a search warrant. The spokeswoman said Caterpillar is cooperating.



A source said all tax employees have also been asked to leave the headquarters building.


Like I said, not much information available currently but I have a feeling this will pan out to something quite large.

I'll try and keep this thread updated with more information as it becomes available.

Here's a bit more and another link to another media outlet:

Link


The investigation appears to stem from revelations about the company's tax strategy as outlined in a 2009 federal wrongful termination lawsuit brought by Daniel Schlicksup. The lawsuit alleged the company shifted profits overseas and to offshore shell companies to avoid paying more than $2 billion in U.S. taxes. Schlicksup settled the suit in 2012.


Hmmm. This will be interesting to follow.

This is literally in my backyard, I have family that works for CAT, so I will be following this close.
edit on 2-3-2017 by RomeByFire because: Title type - thanks for pointing it out




posted on Mar, 2 2017 @ 01:06 PM
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a reply to: RomeByFire

nm
edit on 2-3-2017 by bluesjr because: (no reason given)



posted on Mar, 2 2017 @ 01:09 PM
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a reply to: RomeByFire

Interesting - big corporations are known for finding "creative" ways to minimize tax expenses, but this sounds pretty blatant. interesting that this is stemming from an already-settled suit (that happened 5 years ago).

I'll be following this event closely, thank you for sharing OP



posted on Mar, 2 2017 @ 01:10 PM
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a reply to: RomeByFire

I literally was just wondering what was going on there, I'm not far from there either. I can only speculate that it has to with tax purposes or maybe even laundering?



posted on Mar, 2 2017 @ 01:11 PM
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a reply to: RomeByFire

This is interesting. S&F. Will follow.
Fix your title (Raised) if time still allows.



posted on Mar, 2 2017 @ 01:12 PM
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a reply to: RomeByFire




The investigation appears to stem from revelations about the company's tax strategy as outlined in a 2009 federal wrongful termination lawsuit brought by Daniel Schlicksup. The lawsuit alleged the company shifted profits overseas and to offshore shell companies to avoid paying more than $2 billion in U.S. taxes. Schlicksup settled the suit in 2012.


IF thats what its about then they don't have anything to worry about from Trump making an example out of them and politicizing it .


If trump ignores this than my BS meter on him will go up a bit. I will be curious how or if he addresses this IF its really about that?
edit on 14331America/ChicagoThu, 02 Mar 2017 13:14:19 -0600000000p3142 by interupt42 because: (no reason given)



posted on Mar, 2 2017 @ 01:18 PM
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You might want to change the title from "raised" to 'raided'.

From your link,


The company included the following statement on legal proceedings in the filing: "On January 8, 2015, the Company received a grand jury subpoena from the U.S. District Court for the Central District of Illinois. The subpoena requests documents and information from the Company relating to, among other things, financial information concerning U.S. and non-U.S. Caterpillar subsidiaries (including undistributed profits of non-U.S. subsidiaries and the movement of cash among U.S. and non-U.S. subsidiaries)."

The statement continued: "The Company has received additional subpoenas relating to this investigation requesting additional documents and information relating to, among other things, the purchase and resale of replacement parts by Caterpillar Inc. and non-U.S. Caterpillar subsidiaries, dividend distributions of certain non-U.S. Caterpillar subsidiaries, and Caterpillar SARL and related structures. The Company is cooperating with this investigation."


It blows me away that they send subpoenas, YEARS in advance of a "raid". Nothing like giving a little time to 'straighten things up a bit'.

SMH

This has literally been going on for years.



Schlicksup alleged the company sold and shipped spare parts globally from its warehouse in Morton while attributing at least $5.6 billion of profits from those sales to a unit in Geneva, Switzerland. This scheme, which operated from 2000 to 2009, was known as the "Swiss structure." Caterpillar SARL is based in Geneva.



posted on Mar, 2 2017 @ 01:19 PM
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originally posted by: RomeByFire
I'm about ten miles from the HQ, and this is popping up EVERYWHERE on social media. From what I've gathered, search warrants have been made for three locations.


originally posted by: slapjacks
a reply to: RomeByFire

I literally was just wondering what was going on there, I'm not far from there either.


You guys should hang out!!

But as big as Caterpillar is, this indeed as the potential of being something significant. If you guys don't meet at the bar to discuss possible outcomes, at least keep ATS updated!!




posted on Mar, 2 2017 @ 01:22 PM
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originally posted by: RomeByFire
I'm about ten miles from the HQ, and this is popping up EVERYWHERE on social media. From what I've gathered, search warrants have been made for three locations.

One in East Peoria, in Morton, and at the HQ in Downtown Peoria. I have family that works at both the Morton and EP site - I'm reaching out to them now to see if they have any more information.

Here is a link to a local news outlet who have a short article regarding this - but there's not much information out now.

From the article:


PEORIA, Ill. (WEEK) -- - A Caterpillar spokeswoman said law enforcement is present in various Peoria-area Caterpillar facilities executing a search warrant. The spokeswoman said Caterpillar is cooperating.



A source said all tax employees have also been asked to leave the headquarters building.


Like I said, not much information available currently but I have a feeling this will pan out to something quite large.

I'll try and keep this thread updated with more information as it becomes available.

Here's a bit more and another link to another media outlet:

Link


The investigation appears to stem from revelations about the company's tax strategy as outlined in a 2009 federal wrongful termination lawsuit brought by Daniel Schlicksup. The lawsuit alleged the company shifted profits overseas and to offshore shell companies to avoid paying more than $2 billion in U.S. taxes. Schlicksup settled the suit in 2012.


Hmmm. This will be interesting to follow.

This is literally in my backyard, I have family that works for CAT, so I will be following this close.


Sounds like a huge tax fraud issue...sucks...CAT is a monster corporation....this is going to hurt a little methinks.



posted on Mar, 2 2017 @ 01:30 PM
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a reply to: RomeByFire

I'm in East Peoria and been listening all day. You listening to 100.3?

Oberwhatever (Cat CEO) met with Trump last week and now their being raided...



posted on Mar, 2 2017 @ 01:32 PM
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Wondering how quickly the pic at the former CEO Jim Owens Wikipedia site will get taken down...LOL

en.m.wikipedia.org...



He was CEO up until 2010...all through this happening...LOL

Some interesting positions he has held too:


He is a director of the Institute for International Economics in Washington, DC, a member of the Council on Foreign Relations in New York City, and a director of FM Global Insurance Company in Rhode Island. Owens is a member of The Business Roundtable in Washington, DC, and the Global Advisory Council to The Conference Board in New York. He is also a member of the Community Advisory Board of Saint Francis Medical Center and the Civic Federation Board in Peoria.[1] He is a member of the Executive Committee of The Business Council for 2011 and 2012.[2]



edit on 3/2/17 by Vasa Croe because: (no reason given)



posted on Mar, 2 2017 @ 01:33 PM
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originally posted by: KawRider9
a reply to: RomeByFire

I'm in East Peoria and been listening all day. You listening to 100.3?

Oberwhatever (Cat CEO) met with Trump last week and now their being raided...


He wasn't CEO during the dates they are talking about though.

He was also replaced in January I believe. The one before him seems to be the one that set all of this up. Jim Owens was his name.
edit on 3/2/17 by Vasa Croe because: (no reason given)



posted on Mar, 2 2017 @ 01:36 PM
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The warrant allows law enforcement to search for evidence into links between Caterpillar and a Swiss subsidiary. Media reports say the company allegedly shifted profits to the subsidiary to pay a lower tax rate.


www.week.com...



posted on Mar, 2 2017 @ 01:49 PM
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Then there's this little tidbit. Wondering if this is the beginning of something much larger with ties like this...and with the aforementioned meeting with Trump and another former CEO.

www.pjstar.com...


Caterpillar Inc. Chairman Jim Owens on Friday was named to a team of economic advisers who will advise President Barack Obama on ways to boost the economy and help the country out of the recession.



posted on Mar, 2 2017 @ 01:50 PM
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a reply to: RomeByFire

Sounds like " The CAT is out of the bag "






posted on Mar, 2 2017 @ 01:54 PM
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a reply to: Vasa Croe

It already has. CAT stock is down $4.53, 4.6% on the day on high volume.

Might be a good entry point............tomorrow.



posted on Mar, 2 2017 @ 01:55 PM
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I just wanted to say that "Schlicksup" is a really funny name and I'm sad Danny wasn't named Harry instead.



posted on Mar, 2 2017 @ 02:02 PM
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LOL....this is hilarious looking at the connections now.

I am seriously wondering if this is going to be the first of a much larger operation aimed at high profile targets.




posted on Mar, 2 2017 @ 02:10 PM
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A year ago, an IRS Revenue Agent's Report (RAR) called for Caterpillar to face a proposed $1 billion in back-taxes and penalties resulting from its tax avoidance strategies. The IRS deemed some Caterpillar transactions between subsidiaries as invalid based on doctrines of "substance-over-form" and "assignment of income," thus creating new taxable income. It also disallowed roughly $125 million of foreign tax credits from financing arrangement between subsidiaries.


Its not very smart to play games with " I'm Really Serious".
The three Fed's involved are IRS,FDIC and DOC.
I got loaned out to the Dept. of Commerce once, they are very spooky bunch and do things nobody knows about.

Buck




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