Craig Walcott of Monument, CO, pled guilty to one count of attempting to evade the payment of income taxes in court in November, 2018.
Walcott owned and operated a multi-level nutritional supplemental marketing business. He also owned and leased residential real estate. The IRS notified Walcott in April, 2010, of an assessment of taxes and penalties of more than $450,000 for the tax years 2005, 2006 and 2007. Walcott tried to evade payment of his tax liability by transferring properties to nominee entities, using fictitious mortgages to encumber his property to conceal their equity and continuing to file false tax returns understating his income. Walcott did not file any income tax returns for the years 2012, 2013 and 2014.
As part of the plea agreement, Walcott agreed to pay $628,733 in restitution to the IRS. Sentencing is scheduled for February 25, 2019, where he could face a maximum sentence of five years in prison, supervised release and monetary penalties.