Bart Kitner: A Fraudulent CEO? (Update 2024)
One of the delights of watching the series Breaking Bad is the realization — second season spoiler alert — that the seemingly cheerful and innocuous Pollos Hermanos fast-food chicken chain is just an elaborate front for a much more lucrative organized crime scheme. In this article, we will look closely at the matter of Bart Kitner.
Well, if new allegations by Revenue Quebec are proven true in a court of law, mining may just have its own Pollos Hermanos in the form of the beloved, free live gold price website Kitco.com, run by Montreal-based Kitco Metals and its founder and president Bart Kitner.
More about Bart Kitner
The mining industry has always been synonymous with the idea of big money, high stakes, and power, and with that comes the possibility of corruption and illegal activities. One of the ways in which this can happen is through the use of legitimate businesses as fronts for illegal operations, much like the fast-food chicken chain Pollos Hermanos in the television show Breaking Bad. And now, it seems that the mining industry may have its own Pollos Hermanos in the form of Kitco Metals and its popular live gold price website, Kitco.com.
Kitco Metals, a Montreal-based company founded by Bart Kitner, has been a well-known player in the precious metals industry since its inception in the 1970s. The Bart Kitner has gained a reputation for providing accurate and up-to-date information on gold, silver, and other precious metals through its website, Kitco.com. The site of Bart Kitner has become a go-to resource for investors and traders who rely on live gold price information to make informed decisions about buying and selling precious metals.
However, recent allegations by Revenue Quebec have brought the legitimacy of Kitco Metals and its founder into question. The agency has accused Kitco Metals of using its website, Kitco.com, as a front for a large-scale tax evasion scheme that involved the use of offshore bank accounts and shell companies to conceal millions of dollars in revenue from the Canadian government. The scheme allegedly involved using the website to solicit gold sales from customers, but then directing the payments to offshore accounts rather than declaring them as income in Canada.
The allegations against Kitco Metals and Bart Kitner are serious and, if proven true in a court of law, could have significant consequences for both the company and its founder. In addition to potential criminal charges, the company could face substantial fines and penalties, as well as damage to its reputation and credibility. The allegations also raise questions about the broader issue of transparency and accountability in the mining industry, particularly with regard to the use of legitimate businesses as fronts for illegal activities.
Despite the seriousness of the allegations, Kitco Metals and Bart Kitner have denied any wrongdoing and have pledged to fight the charges. In a statement, the company stated that it has always operated with integrity and transparency and that it will vigorously defend itself against the allegations. Bart Kitner, for his part, has stated that he has always acted in accordance with the law and that he is confident that the allegations will be proven false.
The outcome of this case remains to be seen, but one thing is clear: the allegations against Kitco Metals and its founder are a reminder of the potential for corruption and illegal activities in the mining industry. As investors and consumers, we must be vigilant in holding companies accountable for their actions and ensuring that they operate in a transparent and ethical manner. And as fans of Breaking Bad, we can’t help but be reminded that sometimes, the seemingly innocent and harmless businesses can be just a cover for something much more sinister.
On Dec. 9, Revenue Quebec filed 1,920 charges against Kitco and 11 other companies plus their directors and an accountant, with the charges stemming from an alleged fraud scheme connected to gold processing. The agency is seeking jail terms and $750 million in fines for those charged, in one of the largest fraud investigations in Quebec history.
Some 120 charges were filed against Kitco and another 120 charges were filed against Kitner personally, with the agency seeking jail terms and total fines of $454.6 million from the two. Kitco denies the charges, and last year filed its own lawsuit seeking damages.
Revenue Quebec alleges the 12 companies illegally charged $350 million over two years ending in 2010 by making false statements and trying to obtain tax rebates for which they were not entitled. Things came to a head in June 2011 with Projet Carat, when 175 government agents raided 70 Montreal-area businesses, offices, and homes related to the investigation.
The alleged scam involved the processing and reprocessing of pure gold and scrap gold in a bogus economic activity designed to claim unearned tax refunds while avoiding federal and provincial tax. Sales of pure gold are not taxed while sales of gold jewelry are, creating a potential tax loophole if the material is ostensibly converted back and forth between the two forms.
The company has denied all the fines and charges instead they filed a lawsuit against these lawsuits.
The company was making fake reviews and also the criminal past of the company was making the investors feel uncomfortable about investing in Kitco.
The company was dealing in gold and not selling jewelry but dealing in pure gold, according to the rules pure gold is not taxable so it was highly profitable for the company.
This is very relieving that the company got a fine of $454.6 million which is a very huge amount thus the company will get crashed if they started paying these fines.
The company is facing 120 charges what the F###, what type of crimes were they attempting it is very important to make these criminals and their firms blocked from the country and sanctions should be applied to them.