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Suspect Sentenced to Five Years in Prison and Ordered to Pay $1 Million in Restitution

A suspect who owed the Internal Revenue Service more than $1 million was sentenced to more than five years in prison after pleading guilty to illegally structuring financial transactions and conspiring to defraud the United States Government.

The defendant’s spouse also pleaded guilty to conspiracy to impair or impede the Internal Revenue Service and was sentenced to several months in prison and three years supervised release and ordered to pay restitution.

The couple operated a service-based company and failed to pay tax on the profits. Instead, they hid their profits by transferring them to a variety of offshore bank accounts in Southeast Asia.

Two co-defendants pleaded guilty to tax evasion charges for failing to report income they received from the service-based company.

This case originated with the filing of a Suspicious Activity Report and was investigated by Internal Revenue Service-Criminal Investigation.

(Source: Internal Revenue Service)

[Published in The SAR Activity Review – Trends, Tips & Issues, Issue 9, October 2005]