Byron Urizar, 47, of Lincoln, R.I., the president and sole owner of Providence-based jewelry manufacturer B U, Inc., pleaded guilty Friday to federal tax evasion. In open court, Urizar admitted he deliberately funneled business income away from official records to dodge tax obligations for the 2015 fiscal year.
Between 2014 and 2015, Urizar siphoned off a massive chunk of company revenue by cashing 268 third-party checks—totaling $399,593—through a check-cashing service. These funds, drawn directly from business receipts, were never deposited into the company’s bank account, effectively erasing them from the financial paper trail.
Appearing before U.S. District Court Chief Judge William E. Smith, Urizar confessed he kept his accountant in the dark. By failing to disclose the cashed checks, he ensured that the gross income reported on tax returns reflected only what was formally banked—allowing him to file returns that grossly understated actual revenue.
The scheme was uncovered through an investigation by IRS Criminal Investigation. Special Agent in Charge Kristina O’Connell, alongside U.S. Attorney Aaron L. Weisman, announced the guilty plea as a direct hit against financial crimes cloaked in legitimate business operations.
Urizar now faces up to 5 years in federal prison, 3 years of supervised release, and a fine of $250,000 or twice the pecuniary gain—whichever is greater. Sentencing is scheduled for July 19, 2019.
The case is being prosecuted by Assistant U.S. Attorney Dulce Donovan. With the jewelry manufacturing sector often operating in high-cash environments, authorities say this case underscores a recurring vulnerability exploited to launder income and evade federal tax law.
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Key Facts
- State: Rhode Island
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes
- Source: Official Source ↗
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