28.9 C
New York
Saturday, July 20, 2024

Seattle Businessman Charged with Tax Evasion Scheme

FFOGAMQJSRAQNGBJXVXKZCC5SE

Seattle Businessman Charged with Tax Evasion Scheme

A federal grand jury in Seattle has returned an indictment charging a Washington man with tax evasion and the filing of false tax returns. The defendant, Steven Loo, is alleged to have concealed $4.8 million in income earned from his commercial real estate business.

The Alleged Scheme

According to the indictment, Loo controlled and operated eight companies that owned commercial real estate from at least 2015 to 2020. These companies were managed by independent property management companies responsible for the day-to-day operations. Loo allegedly diverted the income he earned from the real estate by instructing the property management companies to issue checks categorized as asset management fees to two other entities that he controlled.

It is alleged that Loo knew the funds deposited into these bank accounts, totaling over $4.8 million, were his income and that he was required to report and pay taxes on them. However, Loo allegedly filed tax returns for the years 2015 through 2020 that did not report or pay taxes on these funds.

Potential Penalties

If convicted, Loo faces a maximum penalty of five years in prison for each count of tax evasion and a maximum penalty of three years in prison for each count of filing false tax returns. The final sentence will be determined by a federal district court judge, who will consider the U.S. Sentencing Guidelines and other statutory factors.

Investigation and Prosecution

The IRS Criminal Investigation is currently investigating the case. Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and U.S. Attorney Tessa M. Gorman for the Western District of Washington made the announcement. Trial Attorney Regina Jeon of the Justice Department’s Tax Division and Assistant U.S. Attorneys Michael Dion and Sean Waite for the Western District of Washington are prosecuting the case.

It is important to note that an indictment is merely an allegation, and all defendants are presumed innocent until proven guilty beyond a reasonable doubt in a court of law.

Related Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Stay Connected

0FansLike
0FollowersFollow
0SubscribersSubscribe

Latest Articles