SEATTLE – A 68-year-old real estate tycoon has been indicted on federal charges of tax evasion and making false tax returns, according to U.S. Attorney Tessa M. Gorman.
Steven T. Loo, a local property magnate, allegedly siphoned off over $4.8 million from his business empire without declaring the income on his taxes. The charges come as a stark reminder of the lengths some will go to avoid paying their fair share.
The indictment alleges that Loo, who owned and operated multiple businesses in Washington and California, funneled profits into bank accounts he controlled. He then used this money for personal gain, while keeping it off the books. Authorities claim Loo used a complex web of corporate entities to conceal his ill-gotten gains from the IRS.
The indictment details eight properties owned by Loo through various limited liability companies (LLCs). It is alleged that income from these LLCs was funneled into inactive entities, with Loo instructing property management companies to label the funds as fees for business services. This deception was intended to mask the true nature of the profits, which should have been taxed.
Loo faces six counts of tax evasion and six counts of making and subscribing to a false tax return. Each count of tax evasion carries a maximum penalty of five years in prison, while each count of filing a false return is punishable by up to three years behind bars.
As the charges are merely allegations at this stage, Loo is presumed innocent until proven guilty beyond a reasonable doubt. The investigation into his alleged crimes was led by the Internal Revenue Service Criminal Investigation, 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
- 69-Year-Old Seattle Real Estate Owner Convicted of Tax Fraud · Washington
- Seattle Real Estate Mogul Convicted of $4.7M Tax Fraud · Washington
- Bellevue Tycoon Hazelrigg Indicted for Tax Fraud and SSN Misuse · Washington
- Florida Man Sentenced to 77 Months for Tax Fraud and Retaliation · Washington
- Seattle Man Charged with Sex Trafficking · Washington
Key Facts
- State: Washington
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|Public Corruption
- Source: Official Source ↗
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