Businessman gets 7 ½ years for federal tax evasion of $4.8M

Crime
Prison Jail Generic Cell

A Connecticut businessman who avoided paying more than $4.8 million in federal income taxes has been sentenced to 7 ½ years in prison.

Federal prosecutors say 58-year-old David Adams was sentenced Tuesday in U.S. District Court in Hartford.

The Old Saybrook man pleaded guilty last year to multiple offenses including tax evasion and making and subscribing a false tax return.

Prosecutors say Adams “engaged the IRS in a decades-long wild goose chase” to avoid paying taxes as far back as the 1980s.

Officials say the businessman hid $4.7 million in profits after selling his stake in an online floral business in 2011. Prosecutors say along the way Adams lied to IRS officers and filed fraudulent returns.

Adams has been ordered to pay back taxes including interest and penalties.

Copyright 2019 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Trending Stories

Don't Miss

More Don't Miss