Sacramento attorney James Stewart Richards was sentenced Thursday to two years in federal prison for evading income taxes.
He pleaded guilty in May to one count of evasion. At that time, Richards, 69, owed back taxes for the years 1994 through 2003, plus penalties and interest, totaling $519,438, according to a written plea agreement.
He admitted lying to the Internal Revenue Service in 2001 in order to hide his ownership of six rental properties and two bank accounts. He also admitted utilizing an account in a nominee’s name that held his own assets, from which he withdrew $100,000 in June 2004. The following year, when alerted by the bank that the IRS was making inquiries about the nominee account, he instructed the bank not to give the agency any records and then withdrew another $100,000, Richards acknowledged.
He further admitted that six months later he purchased a yacht for $92,000 and titled it in someone else’s name to conceal it as an asset.
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