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Tax evasion conviction for underreporting income in Texas case

The man has not yet been sentenced. But he faces a prison term of up to five years. Because he was convicted on four criminal counts, he could also be fined $1 million - $250,000 on each count.

The convicted man was the owner and operator of businesses in the Grapevine area. In November 2004, on the day before he made his bankruptcy filing, he transferred a total of more than $3 million from two of his accounts. Authorities said he transferred the money several more times in an attempt to conceal those assets.

The concealment became quite elaborate. It allegedly involved multiple bank accounts, various wire transfers, cashier's checks and the use of two shell companies. Federal authorities said the man's wife was also involved.

Authorities presented evidence that the man underreported income on joint tax returns with his wife. That underreporting resulted in the tax evasion charge.

The sentencing date for the man has not yet been scheduled. When it is, he will be sentenced in U.S. District Court for the Northern District of Texas.

Our firm handles situations similar to those discussed in this post. To learn more about our practice, please visit our tax evasion page.

Source: "Colleyville man convicted of bankruptcy fraud, tax evasion," Star-Telegram, Yamil Berard, 2-8-13

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