SEATTLE – In a stunning turn of events, 69-year-old Steven T. Loo, a Seattle real estate magnate, was convicted late last week in U.S. District Court in Seattle on six counts of tax evasion and six counts of making false tax returns. The charges against the defendant stem from an elaborate scheme that netted him over $4.7 million.
Loo, who owned and operated multiple commercial properties in western Washington and California, was caught using shell companies and repeated fund transfers to conceal his income from the IRS. He directed property management companies to send profits to his controlled bank accounts, which he then used for personal gain and reinvestment into various businesses—without declaring this income on his tax returns.
According to records in the case, Loo failed to report earnings from eight properties managed via limited liability companies (LLCs) to his tax preparer. Assistant United States Attorney Sean Waite summed up the government’s case in closing arguments: “This isn’t a mistake. This is strategic, deceptive, and willful—it’s criminal.”
The jury, after deliberating for seven hours, found Loo guilty of all counts. Each count of tax evasion could carry a sentence of up to five years, while each charge of making and subscribing to a false tax return carries a maximum penalty of three years. The actual sentence will be determined by U.S. District Judge Lauren King on October 9, 2025.
The investigation was led by the Internal Revenue Service Criminal Investigation (IRS-CI), with prosecution handled by Assistant United States Attorneys Mike Dion and Sean Waite for the Western District of Washington, along with Trial Attorney Regina Jeon of the Department of Justice Tax Division.
Related Federal Cases
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Key Facts
- State: Washington
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|Public Corruption|White Collar Crime
- Source: Official Source ↗
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