William M. Bundy, Tax Evasion, Maryland 2021

Convicted Tax Cheat Faces Prison Time

A Maryland man who owns a retail store pleaded guilty to evading his income taxes by not reporting cash taken from his business. William M. Bundy of District Heights, Maryland, owned and operated Bab’s Inc., a store located in District Heights, for over 20 years.

From 2017 through 2021, Bundy received wages from Bab’s but also took cash from the business without reporting that cash as income on his tax returns. He used the cash for personal expenditures, including gambling. Over a five-year period, Bundy gambled and lost over $3 million at two Maryland-area casinos, funded in part by $2.2 million in cash from Bab’s.

In total, for the years 2017 through 2021, Bundy had additional taxes due of $672,558. The case was investigated by the IRS Criminal Investigation.

Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Tax Division and U.S. Attorney Erek L. Barron for the District of Maryland announced the plea. Trial Attorney Michael C. Vasiliadis of the Tax Division and Assistant U.S. Attorney Coreen Mao for the District of Maryland are prosecuting the case.

Bundy is scheduled to be sentenced on Feb. 21, 2025. He faces a maximum penalty of five years in prison. He also faces a period of supervised release, restitution and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.

The case highlights the importance of reporting all income and paying taxes owed. The public can report suspected tax evasion to the IRS.

The sentence will be determined by the court after considering the U.S. Sentencing Guidelines and other statutory factors. The case is a reminder that tax evasion is a serious crime with serious consequences.

Bundy's case is a stark reminder of the consequences of tax evasion. The public should be aware that tax evasion is a serious crime with serious consequences.

Source: https://www.justice.gov/archives/opa/pr/maryland-store-owner-pleads-guilty-tax-evasion