Courts & Crime

Feds seize millions in Texas forfeiture case

That's one heck of a breadbox: A Colleyville couple had $4 million stashed in a safe at their home. They also had a duffel bag filled with another cool million, convenient for on the go. And who doesn't keep more than a dozen sealed bags stuffed with tens of thousands of dollars?

Alas, federal agents seized the money in a raid at the home and are now seeking to have it forfeited. In a complaint for forfeiture filed in U.S. District Court in Dallas, they accuse the couple of concealing assets during a 2004 bankruptcy, laundering money and avoiding income taxes.

All told, the government is going after cash and funds in bank accounts totaling about $13.8 million that apparently belong to Larry and Kathy Lake.

The government does not propose seizing the Lakes' Colleyville home, which is valued at $900,000, according to the Tarrant Appraisal District.

Paul Coggins, a former U.S. attorney representing Kathy Lake, said in a statement, "Kathy and her husband Larry operate several successful businesses and play by the rules. We intend to show that the seized monies are legitimate and the fruits of hard, honest labor." He declined to comment further.

Read the complete story at star-telegram.com

  Comments