California Businessman Convicted Of Tax Fraud
A real estate broker from Clovis, California, was recently found guilty of tax fraud for not reporting his earnings to the Internal Revenue Service for multiple years.
Steven Laubly, 62, was convicted of one count of tax evasion and three counts of failure to file a tax return, according to local news source, the Central Valley Business Times.
Laubly, the former owner of Sundance Real Estate, operated the company from 2004 to 2006, and did not report nearly $558,000 in income, the news source said. In total, he only filed a tax return once in his lifetime - 1968.
In addition, he was ordered to pay back taxes in 2001, bbut sidestepped these tax payments by purchasing a Hawaiian property in another name, the news source reported. He also tried to hide money from the IRS in Costa Rican bank accounts and made incorrect statements about how much his business was worth.
When sentencing occurs on May 29, Laubly could receive a maximum of eight years in federal prison, as well as a fine of more than $500,000, the news source added.