A Seattle-based commercial real estate owner was convicted in US District Court of six counts of tax evasion and six counts of making false tax returns.
According to records in the case and testimony at trial, Steven T. Loo had an ownership interest in, and operated multiple commercial real estate properties, in western Washington and California. Loo hired property management companies to manage the properties, and these companies sent the profits from the properties to two bank accounts he controlled.
Loo spent this money for his benefit and that of his family and friends, and he also reinvested funds in various businesses he controlled. However, Loo did not declare that income on his tax returns, an omission of more than $4.7 million. Instead, Loo used multiple shell companies and repeated transfers of funds to conceal the income from the IRS.
Each count of tax evasion is punishable by up to five years of imprisonment, and each count of making and subscribing to a false tax retuning is punishable by up to three years of imprisonment. Loo is scheduled to be sentenced on Oct. 9.
