Businessman Evades Taxes by Restructuring Payroll

[vc_row][vc_column][vc_column_text]Phillip Albert, the co-founder of Pelco Structural in Oklahoma, pleaded guilty to evading more than $1 million in income taxes.

Albert directed the company controller to set up a special reimbursement category with an outside payroll company, and was ultimately paid $2,615,750 classified as reimbursements rather than income. Since the payments did not appear on his W2, Albert did not report any of the bogus reimbursements on his tax returns from 2014 to 2019.

In 2019 Albert resigned from the company and later sued for wrongful termination. The company countersued, claiming that Albert had embezzled 7.4 million dollars between 2010 and 2019.

Albert was a respected member of his community, and was a member of the board of regents at the University of Oklahoma. He faces restitution, fines, and a maximum sentence of five years in prison.[/vc_column_text][/vc_column][/vc_row][vc_row][vc_column][us_image image=”2869″][/vc_column][/vc_row]