Every person in Missouri and across the country has something at which they excel. For many, their strengths often lead them to the career, such as money management, that will support them for the rest of their lives. Unfortunately, one man who ran a business managing money recently pleaded guilty to tax evasion and other criminal charges following a federal investigation.
The case involves a 50-year-old man who ran a company called Time Payroll from 2013 to 2017. According to claims by federal investigators, the man conducted a tax fraud scheme that ultimately resulted in losses exceeding $9.4 million to the Internal Revenue Service and his clients. He is accused of transferring money from his clients’ accounts to his personal brokerage accounts and failing to pay employment taxes for his clients.
Reports indicate that the man closed his business in 2017 before cashing out his accounts and moving to another state. Investigators claim that he attempted to obtain a passport with a driver’s license that reportedly had his brother’s name but his picture. He allegedly had just under $1 million in cash when he was discovered and had recently purchased a vehicle. Those assets, according to reports, will be forfeited as part of a recent plea agreement.
The man recently pleaded guilty to federal tax evasion charges in addition to charges of wire and passport fraud. He could face several years in prison in addition to fines of up to $750,000 and restitution. Unfortunately, when people in Missouri and across the country are the subject of criminal investigations, they may feel unsure of their legal options. As such, they turn to an experienced criminal defense attorney for guidance who can ensure they are fully informed. Upon the advice of their attorney and the recognition that there may be sufficient evidence to convict them, they may choose to accept a plea deal.