Greensboro Couple Arrested for Tax and Bank Fraud

A federal grand jury in the Middle District of North Carolina has charged a Greensboro couple, Daniel Balson and Renee Balson, with tax fraud and bank fraud related to their online business, Southern Sales Online (SSO).

The indictment alleges that the Balsons failed to report gross receipts for SSO on their tax returns filed with the Internal Revenue Service (IRS), despite earning over $1 million in gross receipts from 2005 through 2011. The couple also allegedly stole merchandise from LifeWay Christian Stores and Hobby Lobby and sold it through SSO at prices less than retail value.

Daniel Balson, owner of SSO, was charged with conspiracy to defraud the United States and to commit bank fraud, bank fraud, five counts of wire fraud, and three counts of filing false tax returns for 2009 through 2011. Renee Balson was charged with conspiracy to defraud the United States and to commit bank fraud, bank fraud, five counts of wire fraud, and one count of filing a false tax return for 2009.

The indictment also alleges that the Balsons failed to report income from SSO on a bank application for a mortgage loan modification in 2011. If convicted, each faces a statutory maximum sentence of five years in prison for the conspiracy count, 30 years in prison for the bank fraud count, 20 years in prison for each wire fraud count, and three years in prison for each false tax return count. The couple also faces substantial monetary penalties and restitution.

An indictment is not a finding of guilt, and the couple is presumed innocent until proven guilty in a later criminal proceeding. The case was investigated by IRS-Criminal Investigation and is being prosecuted by the Tax Division. U.S. Attorney Ripley Rand commended the special agents and prosecutors for their work on the case.

Acting Assistant Attorney General Caroline D. Ciraolo praised the efforts of the U.S. Attorney’s Office of the Middle District of North Carolina and thanked them for their assistance. The case is a reminder of the importance of honesty and transparency in business dealings and the consequences of failing to comply with tax laws.

As the investigation continues, the public is reminded that tax evasion and bank fraud are serious crimes with severe penalties. If you have information about suspicious activity, report it to the authorities immediately.

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