A Florida resident, Paul Archer, has entered a guilty plea in U.S. District Court in Bangor for charges of tax evasion and bankruptcy fraud. The case details reveal that Archer, 46, previously lived in Hampden and Orrington while operating a successful online marketing business focused on software installation. This venture reportedly generated millions from 2013 to 2015.
Following an IRS audit in 2016, Archer was assessed with approximately $1 million in federal tax debt. In response, he allegedly took measures to conceal assets by utilizing two LLCs under his control and third-party bank accounts to avoid paying the debt.
Between April 2018 and November 2019, Archer is said to have used various bank accounts linked to Max Tune Up, LLC; Stealth Kit, LLC; as well as accounts held by his father and spouse to hide assets and income. Specifically through Stealth Kit, LLC's account, he received direct deposits and wire payments exceeding $2 million. He also engaged with cryptocurrency trading platforms and online payment systems for fund transfers. Further activities included transferring an investment account into Stealth Kit’s name for trading purposes involving stocks and cryptocurrencies valued at several hundred thousand dollars.
In March 2019, Archer filed for Chapter 7 bankruptcy but falsely reported having less than $50,000 in assets along with minimal financial holdings. These misrepresentations continued under oath during creditor meetings managed by a Chapter 7 Trustee and were repeated before the U.S. Bankruptcy Court for the District of Maine.
Archer now faces potential penalties including up to five years imprisonment per charge along with fines reaching $250,000 each. Post-sentencing could involve three years of supervised release after completion of a presentence investigation report by the U.S. Probation Office. A federal district court judge will decide on the sentence based on U.S. Sentencing Guidelines among other statutory considerations.
The investigation was conducted by IRS Criminal Investigation alongside the FBI.