DENVER – A health care products business owner who attempted to evade paying more than $450,000 in income taxes, was sentenced Tuesday in Denver’s federal court.
The U.S. District Court judge sentenced Craig Walcott to 36 months in prison.
According to court documents, in April 2010, Walcott was notified by the IRS that he owed taxes and penalties from 2005-2007 totaling $458,569.
After being notified, Walcott took steps to prevent the IRS from collecting those taxes.
He recorded fake deeds of trust against four properties he owned, so they would be unattractive targets for IRS tax liens, and transferred other properties he owned to nominee entities to make it appear to the IRS that he no longer had an ownership interest in the properties.
Walcott also filed false tax returns during those two years that underreported his income during that time.
Walcott pleaded not guilty in November to one count of attempting to evade paying his federal income taxes.
In addition to prison time, Walcott was ordered to pay over $625,000 in restitution to the IRS and serve three years of supervised release after completing his sentence. He was remanded into custody Tuesday.