Businessman Faces Embezzlement, Tax Evasion Charges
A California businessman was charged with four counts of tax evasion for the years 2001 to 2004 and for embezzlement of employee pension plan accounts.
According to prosecutors, Patrick Neal Young, 40, was the former operating officer of Plyco Foundation Vents, of Waterford, Calif. From 2000 to 2004, he allegedly embezzled about $710,389 from Plyco for his own use. He used the embezzled Plyco funds to purchase a home in Oakdale, landscape his yard, buy automobiles, travel, including a trip to Europe, and for other personal expenses.
In May 2003, Young requested that certain employee benefit accounts be closed because the employees were no longer working for the business. In truth, however, some of the employees were still working for Plyco. The money from those accounts was sent to Young, who then did not remit the pension funds to the employees who were entitled to them.
Young also did not report the money as income on his federal tax returns. The tax evasion and embezzlement of pension benefit counts carry a maximum of five years in prison and a fine of up to $250,000. The mail fraud count carries a maximum of 20 years in prison and a fine of up to $250,000.
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Tags: delinquent tax, embezzlement, mail fraud, patrick neal young, plyco foundation vents, tax evasion
