A Georgia business man will go to prison for four years and nine months after being convicted of tax fraud. According to court reports, he was found guilty of filing false federal Individual Income Tax Returns in 2006 and 2007.
The man was accused of stealing $1.3 million in investment funds which he allegedly tried to hide from the Internal Revenue Service by telling his accountants the money was from loans. He and two partners opened an investment business in 2004 that pre-sold overstock golf equipment and promised to return profits to investors.
Court documents allege that this business man also owned and operated a separate investment company without the knowledge of his partners or investors. Investigators believe that instead of using the investor's money to buy golf equipment, he was secretly putting it into his other company's bank account, as well as using it to pay his own personal expenses.
False income tax returns were filed on his behalf for the tax years of 2006 and 2007 by one accountant who believed the money was from loans. A total tax loss of $1,357,562 was reported due to the false returns.
Being charged with fraud of any type can be a life-altering event, especially when the federal government is involved. Many aspects of one's personal life can be jeopardized in a situation like the one this man is in. Having a skilled attorney in the area of federal criminal defense could be something to look into if you have been accused of such a serious crime.