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Steven T. Loo Tax Evasion: $4.8M Scheme Unraveled
A 68-year-old Seattle real estate owner, Steven T. Loo, has been indicted for tax evasion and making false tax returns, announced U.S. Attorney Tessa M. Gorman. Loo is scheduled for arraignment on May 2, 2024.
According to the indictment, Loo owned and operated multiple businesses in western Washington and California. Several of the businesses were involved in real estate, and Loo hired property management companies to manage the properties. Loo had the property management companies send profits from the properties to two bank accounts he controlled. He spent this money for his benefit, or that of his family and friends. However, Loo did not declare that income — over $4.8 million — on his tax returns.
The indictment details eight properties owned by Loo via various limited liability companies (LLCs). The indictment alleges that income from the LLCs was funneled into bank accounts associated with two specific inactive entities that were established in Washington in 1999. Loo did not report this income to the IRS, nor did he file any forms that would account for this income for tax years 2015-2020.
Loo allegedly told the property management companies how to label the funds sent to the inactive entities to make it appear they were fees for business services, when in fact they were profits that should be taxed as income. Loo failed to inform his tax return preparer of these funds that were income from his properties.
Loo is charged with six counts of tax evasion and six counts of making and subscribing to a false tax return. Each count of tax evasion is punishable by up to five years of imprisonment. Making and subscribing to a false tax return is punishable by up to three years of imprisonment.
The charges contained in the indictment are only allegations. A person is presumed innocent unless and until he or she is proven guilty beyond a reasonable doubt in a court of law. The case is being investigated by the Internal Revenue Service Criminal Investigation. The case is being prosecuted by Assistant United States Attorneys Mike Dion and Sean Waite for the Western District of Washington and Trial Attorney Regina Jeon of the Department of Justice Tax Division.
The case has been documented in a report titled ‘loo_indictment.pdf.’
Key Facts
- State: Washington
- Agency: DOJ USAO
- Category: White Collar Crime|Fraud & Financial Crimes
- Source: Official Source ↗
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