The chief executive of a California startup company pleaded guilty to tax evasion after not reporting more than $1.1 million in income.John Frances Griffin, 44, of Orinda, Calif., was charged with 15 counts of mail fraud, two counts of tax evasion and one count of wire fraud in connection with a scheme in which he allegedly lied to investors and employees about making significant loans to the company he was running.
According to the plea agreement, Griffin was the CEO of VaporTech Inc., (aptly named, mind you) a start-up company in Livermore, Calif., involved in the research and development of technology which converts fuel to hot water, high-quality steam or superheated water vapor. From 2004 to 2005, Griffin received taxable income in excess of $1,198,700 yet failed to file federal income tax returns.
Griffin faces up to five years in prison for each count of tax evasion.
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