As readers of this blog may know, a conviction on charges of federal tax crimes can lead to serious jail time. In addition to prison time, those found guilty often have to pay heavy fines and penalties. All in all, conviction of tax crimes can potentially cost a person just about everything that he or she owns, including basic freedoms. Unfortunately, the founder of a Northern California technology company is facing exactly this situation. The man’s attorney, however, has indicated that an appeal is in the works.
It was claimed in court that the man had swindled investors out of $30 million by making untrue statements that his company was going to be bought by Microsoft Corp. The federal jury hearing the case came down hard on the man, convicting him on 29 counts of tax evasion, money laundering and wire fraud. The company in question was known as Ecast Inc., which was a digital entertainment company.
The man was immediately taken into custody after the guilty verdict was handed down. He now faces up to 20 years in federal prison and will be sentenced in early February 2012.
For other Californians facing tax crimes charges, this story illustrates just how severe the punishment can be if the charges are made to stick. A good first step for many facing these types of charges is to contact a California defense attorney who specializes in tax crimes and tax defense. Working with an expert attorney can help individuals to form a strong and meaningful defense strategy aimed at reducing or even dismissing tax crimes charges.
Source: sfgate.com, “Former Calif tech exec convicted of $30M fraud,” Nov. 11, 2011