Contact Us

‘Wyoming Corporate Services’ Draws National Scrutiny [AUDIO]

Wyoming Corporate Services

A little business building in Cheyenne received some national attention Tuesday for establishing firms that can be used as shell corporations to hide assets. This is coming to light after an investigation by the news source Reuters.

A little house of secrets on the Great Plains:”

Audio clip: Adobe Flash Player (version 9 or above) is required to play this audio clip. Download the latest version here. You also need to have JavaScript enabled in your browser.

According to their report, more than 2,000 companies are registered to the address and they are calling this business “a little Cayman Island on the great plains.”

Wyoming Corporate Services, WCS, is the business that, according to Reuters, helps create a corporation, set up a bank account, add a lawyer as a corporate director to invoke attorney-client privilege and even appoint stand-in directors as officers as high as CEO.

Reuters found that owners of shell companies registered to Wyoming Corporate Services include a man who was indicted in April for allegedly helping online poker operators evade a U.S. ban on Internet gambling.

Reuters says that this mass production of paper businesses–like what is happening at WCS–occurs most frequently in three states with a light regulatory touch, Delaware, Nevada and Wyoming.

According to the Wyoming Corporate Services website, Wyoming offers advantages such as not having to pay fees for corporate assets not physically in Wyoming, the ability for owners to nominate someone else to be named in public records and owners never having to set foot in the state.

There is also a list of corporations already set up and the longer the corporation has been on the shelf, the more expensive it is. WCS refused to comment and the Cheyenne attorney, Graham Norris Jr. cited in the Reuters report, did not return a call Tuesday.

Wyoming Secretary of State Max Maxfield gave this statement to our sister station KGAB in Cheyenne.

-Contributed by Brooke Eades and Daniel Sandoval


Recommended For You

Best of the Web

Leave a Comment

It appears that you already have an account created within our VIP network of sites on . To keep your personal information safe, we need to verify that it's really you. To activate your account, please confirm your password. When you have confirmed your password, you will be able to log in through Facebook on both sites.

Forgot your password?

*Please note that your prizes and activities will not be shared between programs within our VIP network.

It appears that you already have an account on this site associated with . To connect your existing account just click on the account activation button below. You will maintain your existing VIP profile. After you do this, you will be able to always log in to using your original account information.

*Please note that your prizes and activities will not be shared between programs within our VIP network.

Please fill out the information below to help us provide you a better experience.

(Forgot your password?)

Not a member? Sign up here

Sign up for K2 Fan Club quickly by connecting your Facebook account. It's just as secure and no password to remember!

Sign up to have exclusive K2 Fan Club contests, events, coupons, presales, and much more delivered to you for FREE.