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from the Seattle Times: Finance
executive Michael A. Price has paid $442,661 in restitution and penalties
after he pleaded guilty last July to attempting to evade about $280,000
in state taxes on a 73-foot yacht, the state Department of Revenue said.
The
founder and former chairman and CEO of Tacoma-based T&W Financial
Corp. agreed to pay the taxes, penalties and interest owed to the state
for taxes on the custom-built yacht He also was sentenced to 30 days
of community service by King County Superior Court Judge Charles Mertel.
In
charging Price with a felony last summer, prosecutors said he claimed
he paid $690,000 for the yacht, rather than the $3.2 million it actually
cost. Price
was charged with submitting paperwork to the Department of Licensing
stating he had paid $53,820 in sales tax on the lesser amount when in
fact no sales tax was ever paid. The falsified paperwork enabled Price
to dodge more than $280,000 in sales and watercraft excise taxes, prosecutors
charged in papers filed July 5. Price
resigned in January 2000 as chairman and CEO of publicly traded T&W
Financial, an equipment leasing company that subsequently went out of
business. Prosecutors
said Price falsified paperwork to show that he had purchased the boat
from a T&W Leasing Co., which they said was fictitious. In fact,
he had contracted with Tacoma and Anacortes firms to build the boat
for him, according to the charges. |
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