SEATTLE—On Friday, July 11, a federal jury convicted Steven Loo, 68, a Seattle man, for tax evasion and filing false tax returns to hide income from his commercial real estate business.
Court documents and trial evidence revealed that Loo controlled eight companies owning commercial properties, managed by independent property management firms, according to the Department of Justice (DOJ). He directed these firms to issue checks, labeled as asset management fees, to two entities he controlled, diverting approximately $4.7 million in income. Loo knowingly failed to report or pay taxes on this income on his 2015–2020 tax returns, resulting in $1.6 million in unpaid taxes.
Loo faces sentencing on October 9, with potential penalties of up to three years in prison per false tax return charge and five years per tax evasion charge. A federal district court judge will determine the sentence based on U.S. Sentencing Guidelines and statutory factors.
The announcement was made by Acting Deputy Assistant Attorney General Karen E. Kelly of the Justice Department’s Tax Division and U.S. Attorney Teal Luthy Miller for the Western District of Washington. IRS Criminal Investigation conducted the investigation, with prosecution by Trial Attorney Regina Jeon of the Tax Division and Assistant U.S. Attorneys Michael Dion and Sean Waite for the Western District of Washington.
Author: Mario Lotmore
One Response
Figures corruption everywhere