Couple Sentenced for Ponzi Scheme, Income Tax Evasion
Shirley G. Graybill, 72, of North Haven, Conn., was sentenced to two years of probation — the first four months of which she must spend in home confinement — after pleading guilty to one count of making and subscribing to a false 2002 tax return.
According to court records, the Triple Diamond Foundation was an entity created by Graybill and her husband, Dale L. Graybill, purportedly to fund cancer research — but which did not have tax-exempt status from the IRS. The Graybills controlled the Triple Diamond Foundation and its bank account. During the 2002 tax year, the Graybills transferred about $350,000 from the Triple Diamond Foundation account, used those funds as income, and failed to pay about $93,293 in federal taxes.
On October 13, 2003, Graybill filed a tax return with the IRS in which she failed to claim her actual taxable income, which was approximately $316,519.79.
The Graybills also must pay $93,293 to the Internal Revenue Service. In addition, Dale Graybill was sentenced to 48 months in prison following his conviction on one count of mail fraud stemming from his operation of a multimillion-dollar Ponzi scheme in which he solicited investments for fictitious investment programs.
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Tags: failing to pay federal taxes, failure to pay taxes, filing false tax return, Ponzi, ponzi scheme, tax cheat, tax evasion
February 10th, 2010 at 10:31 am
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