⏱ 3 min read
A brazen Southington businessman has been busted for bilking Uncle Sam out of $2.5 million in taxes. Michael J. Meade, 61, owner of Innovative Components LLC and Liquidlevel.com LLC, allegedly evaded his tax bill between 2001 and 2013, and again in 2012 and 2013.
According to federal authorities, Meade, a North Carolina accomplice, Chet L. West, 70, and others, launched a complex scheme to cheat the taxman. They withdrew cash from business accounts, bought cashier’s checks, and used the funds for personal expenses.
Meade further allegedly transferred company funds into a family member’s trust account, and moved them into cryptocurrency wallets and accounts he controlled. He even set up new business bank accounts with different company names, Taxpayer Identification Numbers, and Employer Identification Numbers.
Meade’s elaborate scheme unraveled when a federal grand jury in New Haven returned a 20-count indictment on April 8. He was arrested and presented in court today, while West was released on a $25,000 bond pending his arraignment.
Meade’s tax obligation now totals a staggering $2.5 million. His detention hearing is set for tomorrow at 1:30 pm in New Haven federal court.
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📋 Key Facts
- Crime: White Collar Crime
- Defendant: Connecticut
- Location: CT
- Source: DOJ Press Release
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