California Businessman Sentenced For Tax Evasion
A Los Angeles, California, man was recently sentenced to 30 months in federal prison after pleading guilty to tax evasion charges related to a multi-million dollar scheme.
Matthew Krane took part in a tax shelter scheme, and received approximately $36 million for entering Hollywood tycoon Haim Saban into the program, according to The Sacramento Bee. The conspiracy was developed by two men from Seattle, Washington, who represented Quellos Group LLC, an investment firm.
Krane not only committed tax evasion, but also wrote false information when applying for his U.S. passport, the news source reported. In addition to Krane's sentence, he agreed to pay close to $23 million to the U.S. Department of the Treasury.
Krane will return another $18 million to Saban, because he was not aware of the illegal nature of the scheme, according to the news source. The Saban family will donate the money to charity.
The other men involved in the scheme - Jeffrey Greenstein and Charles Wilk - each received four years in federal prison in January, the news source added.