A 63-year-old Charlotte man agreed to plead guilty to tax evasion for using shell companies to hide his and others’ income, Acting U.S. Attorney Jill Westmoreland Rose announced last week.
From 2007 to about 2013, court records show, two companies owned by Chris Yung Le primarily served as shell entities for income generated by other businesses. Le used the two companies’ bank accounts to conceal his and other people’s personal earnings from the IRS.
Le maintained separate bank accounts for both companies, Columbia General Services Corp. and Comprehensive Administrative Services Corp., but listed the same address for both businesses as his home, according to court records.
Prosecutors said Le conducted a series of bank transactions to hide personal income.
Le also failed to report income of at least $469,000 on his personal tax returns for tax year 2013, according to court records. The additional tax due on the unreported income was $131,322, records show.
The tax evasion charge carries a maximum penalty of five years in prison and a $100,000 fine. As part of his plea agreement, Le has agreed to pay restitution, the amount of which will be determined by a judge at sentencing, Rose said.
The plea is expected in the next few days.