A CEO from Raleigh will serve two years in jail for spending about $3 million from his investor-funded firm on personal purchases, such as a trip to Hawaii and a Rolex watch.
The U.S. Department of Justice reported on Tuesday that former AmericaTowne CEO Alton Perkins got a 24-month sentence and was ordered to pay $520,344 in unpaid taxes from 2015 to 2018 to the IRS.
In December, he pled guilty to submitting a fraudulent tax return and faced up to three years in jail.
U.S. Attorney Michael Easley stated, “We are holding tax cheaters accountable for not paying their fair share.” “This chief executive officer stole corporate funds to finance trips, extravagant jewelry, and private school tuition.” His attempts to cheat the authorities resulted in a jail sentence.
Perkins was the chairman and chief executive officer of AmericaTowne, a corporation that sells items to China and aims to construct a town there in the American way.
Prosecutors accused Perkins of transferring substantial quantities of money from his business account to his personal account, based on evidence shown in court.
According to the Justice Department, none of the nearly $3 million he spent on personal things was reported on his tax filings.
His argument centered on his 2016 tax return. The evidence produced in court indicated that he reported a total income of $21,932 for the year in question.
Prosecutors claim he used monies from his company bank accounts to purchase personal things such as a golf cart, a vacation to Hawaii, private high school tuition, and a Rolex, as evidenced by bank records.