The owner of a business in Belgrade has admitted to failing to pay federal income taxes, according to U.S. Attorney Jesse Laslovich. Guy S. Cook, 59, from Dripping Springs, Texas, pleaded guilty to tax evasion and could face up to five years in prison, a $100,000 fine, and three years of supervised release.
U.S. Magistrate Judge Kathleen L. DeSoto presided over the case. A sentencing date will be set by U.S. District Judge Dana L. Christensen after considering the U.S. Sentencing Guidelines and other statutory factors. Cook was released pending further proceedings.
Court documents revealed that between January 2014 and November 18, 2021, Cook willfully attempted to evade paying income taxes for the years 2014 and 2015 while operating in Belgrade. He owned Bacterin International, Inc., a company developing clinical medical laboratories. In 2014, he sold his shares in the company and gained $2,467,176 in capital gains but failed to pay taxes amounting to $604,574 for 2014 and $39,310 for 2015 despite being advised by his tax preparer.
From 2017 to 2021, Cook took measures to avoid paying these taxes by using business bank accounts and a company credit card for personal expenses exceeding $300,000; utilizing nominee bank accounts to withdraw more than $380,000 from his business for personal use; and converting over $600,000 of his salary into stock within his business.
The case is being prosecuted by the U.S. Attorney’s Office following an investigation conducted by IRS Criminal Investigation.