A federal grand jury in Seattle has indicted a Washington man for tax evasion and filing false tax returns in connection with his commercial property business. The man in question, Steven Loo, is alleged to have orchestrated a scheme to conceal income earned from his real estate ventures.
According to the indictment, Loo controlled and operated several companies that owned commercial real estate properties. The indictment states that Loo diverted income by directing property management companies to issue checks to entities under his control, ultimately totaling over $4.8 million. Despite knowing that these funds were taxable income, Loo reportedly failed to report or pay taxes on them in his tax returns from 2015 to 2020.
The alleged tax evasion scheme is said to have resulted in a tax loss of more than $1.6 million to the IRS. If found guilty, Loo could face significant penalties, including up to five years in prison for each tax evasion count and up to three years in prison for each false tax return count.
The announcement of the indictment was made by Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division and U.S. Attorney Tessa M. Gorman for the Western District of Washington. The IRS Criminal Investigation is currently looking into the case, while the prosecution is being handled by Trial Attorney Regina Jeon of the Justice Department’s Tax Division and Assistant U.S. Attorneys Michael Dion and Sean Waite for the Western District of Washington.
It is important to note that an indictment is not a declaration of guilt, and all defendants, including Loo, are considered innocent until proven guilty in a court of law.