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Pa. Man Pleads Guilty to Tax Evasion
Stephen Thomas, a York, Pa. resident, pleaded guilty to tax evasion in a U.S. District Court for the District of Columbia yesterday, the authorities announced.
In a shocking turn of events, Thomas admitted to failing to file his 2005 through 2007 individual income tax returns and 2005 through 2007 corporate income tax returns for his company, ESOP Capital Group (ECG).
According to court records, Thomas, through ECG, contracted to provide financial, business and other management services to companies in Maine between 2005 and 2006. However, he concealed his income by transferring earnings from these companies into bank accounts in the name of his wife. He also withdrew cash on a weekly basis, totaling more than $400,000. Thomas used cashier’s checks and even titled his primary residence in the name of his wife.
As a result of his actions, Thomas failed to report at least $573,785 of income, resulting in a tax loss to the IRS of at least $154,362.
Thomas faces a potential maximum sentence of five years in prison and a fine of up to $250,000. Judge Amy Berman Jackson, who is presiding over the matter, set a sentencing date of Dec. 3, 2012.
This case was investigated by a special agent of IRS-Criminal Investigation and an investigator from the Employee Benefits Security Administration, and is being prosecuted by Trial Attorneys Jessica Moran and Jeffrey Bender of the Justice Department’s Tax Division.
The investigation and prosecution of tax evasion cases are critical in ensuring that individuals and businesses comply with tax laws and regulations. The IRS and other law enforcement agencies will continue to work tirelessly to bring individuals who evade taxes to justice.
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Key Facts
- State: District of Columbia
- Category: White Collar Crime|Taxation|Financial Crimes
- Source: DOJ Press Release ↗
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