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Man indicted on multiple charges by federal grand jury

| Jan 2, 2017 | Criminal Tax Violations |

Minnesota entrepreneurs know that business transactions can be very complex, especially when mergers, stock sales and shares and other things are involved. It is not only the transactions themselves that can be complex but the ensuring tax responsibilities as well. It can be the smallest of details that make the biggest of differences in what needs to be reported as income and paid as tax.

One Minneapolis resident today understands this in a whole new way. Recently indicted on multiple counts by a federal grand jury, the man’s future remains unknown. He is said to have been sentenced to 24 months in a federal prison roughly 18 years ago for securities and wire fraud. Today, the counts against him include filing false income tax returns, tax evasion and conspiracy to defraud the United States government.

The charges are based upon his alleged hiding of $50 million in capital gains and income from the Internal Revenue Service. His outstanding tax liability is estimated at $13 million. Prosecutors allege that between 2005 and 2011 the man coordinated mergers between publicly traded companies and private businesses. In these mergers, stocks are said to have been transferred into other people’s names but controlled by the defendant.

The process of working through federal criminal charges can take time but just as with local offenses, defendants are owed a fair process. People facing these types of charges might wish to consult with an attorney to learn how best to handle these situations.

Source: Star Tribune, “Minneapolis business consultant accused of evading $13 million in taxes,” Stephen Montemayor, Dec. 27, 2016