Investigation of Agamemnon LLC dba Soil Amendment Holdings

Larkins Vacura Kayser attorneys Tom Bode and Sarah Feldman are investigating a Utah-based tax deduction program known under various names, including Agamemnon LLC dba Soil Amendment Holdings, Bulk Minerals LLC, Adda LLC, and Adana LLC dba Volcanic Safeguard Holdings.

Under the program, which the IRS has termed a “tax scheme,” Agamemnon LLC solicited investments from taxpayers seeking to reduce their taxable income. It purported to use investors’ capital to obtain volcanic ash at a discount and to make a charitable contribution of the volcanic ash to a 501(c)(3) charity operating in Haiti. Based on the appraised fair market value of the volcanic ash, investors would receive a tax deduction for the non-cash charitable contribution, in an amount greater than the investors’ buy-in.

An IRS investigation suggests that over 1,400 investors participated in the scheme claiming tax deductions valued around $470 million.

The Oregon Securities Law and the Washington State Securities Act prohibit selling securities by means of untrue statements or misleading omissions. Depending on the facts, these laws may allow investors to bring actions against the sellers of securities and other related parties. LVK has successfully brought securities claims under Oregon and Washington law in the past on behalf of investors.

Taxpayers who invested in the volcanic ash program are advised to contact Sarah Feldman or Tom Bode to discuss whether you may have potential claims.

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