A federal grand jury has indicted Edward Michael Greer, a Newport Seashore businessman, on fees of tax evasion. In line with the indictment, Greer, the proprietor of insurance coverage salvage firm Greer & Kirby Co. Inc., allegedly misclassified thousands and thousands of {dollars} in private expenditures as enterprise bills between 2017 and 2020.
The indictment alleges that Greer used his firm’s financial institution accounts to cowl private bills, together with funds to bookmakers Wayne Nix and Ken Arsenian to settle playing losses, in addition to the acquisition of a 2021 Mercedes Benz. Greer allegedly hid these funds within the firm’s monetary information and directed them to be recorded as enterprise bills to decrease taxable revenue.
Wayne Nix and Ken Arsenian have beforehand pleaded responsible for his or her roles in working an unlawful sports activities playing enterprise.
If convicted, Greer faces a most penalty of 5 years in jail for every rely of tax evasion. Sentencing will likely be decided by a federal district court docket decide based mostly on the U.S. Sentencing Tips and different statutory components.
The case is being investigated by IRS Prison Investigation. The fees have been introduced by Performing Deputy Assistant Lawyer Normal Karen E. Kelly of the Justice Division’s Tax Division and Performing U.S. Lawyer Joseph T. McNally for the Central District of California.
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