by David Safier
This morning, commenter Ellis compiled a list of the ways Yarbrough is benefiting financially from the tuition tax credit laws. There's nothing new here, but it's a clear, simple list, allowing us to see the profit forest formed from all the individual trees. And it includes one item I've only seen here at BfA: the $125,000 Yarbrough's STO spent to make improvements to the business condo Yarbrough owns.
If you need a refresher course, here it is.
So he and his wife buy an office suite. Then the STO pays them 2-3 times the going rate in rent. (Nearly $4500/mo for a 900ft2 suite.)
Then the STO pays $125,000 in lien holder improvements (nearly 50% of the total purchase price) on said office. (Again, this is coming from tax payer dollars.)
Then his STO, a paper processing company, pays Yarbrough himself, a lawyer $66,000 in legal fees. (The next largest STO company had $1000 in legal fees.)
Then he bought a new car, which the STO purchased, for $44,500 (a little above the average car price, wouldn't you say?).
Then he creates a processing company, HY Processing, and charges this STO $450,000 for processing costs. (Smacks of a shell company to me.) Again, remember who owns HY Processing–Yarbough and his law partner.
He also "supports" a candidate named Bob Stump to the tune of $54,000 while this particular person was running as corporate commissioner. Again, he pays for this out of the 10% admin cut he can take from these tax credits…again, tax payer contributions.
He also has an ambiguous "church project" written off for $86,000.
On and on it goes. It's a complicated web of incest and deceit.
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