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WESTERVILLE
MAN SENTENCED FOR TAX CRIMES
Ordered to pay more than $1.5 million in outstanding taxes
October 29, 2004
| United States Attorney’s Office Southern District of Ohio 303 Marconi Boulevard - Suite 200 Columbus, OH 43215 Tel: 614.469.5715 Fax: 614.469.2200 |
FOR IMMEDIATE RELEASE
| COLUMBUS
- Eugene Everett Armold, age 56, of 8570 Fall Gold Court
in Westerville received a sentence of 45 months imprisonment
today for making false statements on income tax returns
and failing to report more than $4 million in adjusted
gross income for 1999 and 2000. Armold was also ordered
to pay outstanding income tax liability to the Internal
Revenue Service in the form of restitution of $1,564,215. Gregory G. Lockhart, United States Attorney for the Southern District of Ohio, and Cromwell A. Handy, Special Agent in Charge, Internal Revenue Service Criminal Investigation, announced the sentence handed down today by U.S. District Judge Algenon L. Marbley. A United States District Court jury convicted Armold on March 10, 2004 after a two-week trial. At the trial, it was revealed that $4,000,000 that was unreported income came from Armold’s operation and ownership of Purchase Plus Buyer’s Group. He paid himself a consulting fee by transfering the money to a Nevada corporation known as Simba Financial Inc. This corporation had no business of its own or employees. It simply existed to receive this $4,000,000 and then funnel it to several other shell corporations until Armold either used the money for his personal use or sent it ($3,000,000) to an account overseas. Armold subsequently brought the money back into the country through one of his attorney’s escrow accounts and used it to finance other businesses he started in the Columbus, Ohio area including Woodbridge Building Company, Aquatec Solutions, LLC and Capital Solutions. The jury found that Armold filed filed an amended income tax return on June 8, 2001, claiming that his adjusted gross income for 1999 was $450,932, when in fact his true income for the year was at least $2,400,000. The jury also convicted him on a second count which stated that, on October 17, 2001, Armold filed an income tax return for the calendar year 2000 reporting an adjusted gross income of $1,143,520 when he knew his adjusted gross income for the year was at least $3,200,000. "Tax crimes steal from us all and should be punished accordingly," Lockhart said. "I want to commend the agents of IRS Criminal Investigation for their meticulous and thorough work in preparing the evidence that secured Armold’s conviction." For additional comment contact Fred Alverson, Public Affairs Officer at 614.469.5715. The Internet address for the homepage for the United States Attorney’s Office for the Southern District of Ohio is www.usdoj.gov/usao/ohs. |