Rise And Fall Of Mo’ Money Taxes

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(Memphis) Two young Memphis men who started a tax preparation firm that grew to hundreds of franchises across several states are now banned from doing taxes themselves.

A permanent injunction not only bans Markey Granberry and Derrick Robinson from doing taxes, but also forces them to post the information on their websites, turn over clients' information dating back to 2008, and provide copies of the order to employees.

It marks the end of what became a big business the government says was involved in big time tax fraud.

During a February 2013 interview, Granberry told the On Your Side Investigators, "Doing taxes is what I do. It's been what I been overseeing for the past 17 years so why wouldn't I, why would I stop?"

The answer to that question is in the permanent injunction filed in federal court, Sept. 18, 2013.

Granberry, Robinson and manager Eumora Reese agreed to the injunction, without admitting guilt.

Of course, Granberry's always maintained his innocence.

He also told us during that February interview, "If I would have done something wrong or illegal, I wouldn't be here across from you right now."

The complaint that eventually shut them down alleges Granberry and Robinson promoted the preparation of false returns, profited from them and didn't even file their own taxes.

The IRS estimates Mo' Money caused the government to lose more than $9 million in one year alone.

However, in a Facebook post Thursday, Granberry wrote "...I never stole anything...simply had a bad software deal...retired out of the business...I am at home enjoying the fruits of my labor."

There was no answer when 3 On Your Side went to check.

It all seems like a far cry from the flashy commercials and lavish lifestyle the Mo' Money owners flaunted.

The On Your Side Investigators also spoke with previous Mo' Money customers, including one named in the government's complaint. They seemed glad to hear the business is being shut down.

According to the order, the defendants have 15 days to post the information to their websites.