The U.S. Justice Department (DOJ) announced Dec. 23 that its Trustee Program and Tax Division secured the denial of a bankruptcy discharge for a married couple who could not explain the loss of $90 million in assets leading up to their bankruptcy.
According to the DOJ, Tucker and Vickie Link failed to maintain sufficient records and did not file tax returns for several years.
The Links reported about $79,000 in assets and more than $30 million in debts, primarily tax liabilities owed to the IRS, the DOJ said.
The couple maintained a network of foreign and domestic corporate structures that supported a lavish lifestyle, which included a yacht, an operating ranch, and three homes, the DOJ stated.
Despite Tucker Link’s extensive experience in financial services and accounting, the Links had not filed individual tax returns or kept business records beyond bank statements and promissory notes since 2016, according to the department.
At trial, evidence showed the Links lost approximately $90 million in assets since 2006, the department said.