On February 15, 2013, Bae Soo “Chris” Chon, age 49, was sentenced to one year and one day after pleading guilty to one count of tax evasion related to foreign accounts. (The 1 year + one day is the trick to qualify the defendant for the good time credit that will make the actual sentence less than one year (see 18 USC 3624 here).) The plea agreement is here, and the Press Release for the sentencing is here.
The Key Facts:
Defendant: Bae Soo "Chris" Chon
Age: 49
Conviction (by Plea): Tax Evasion (1 count)
Sentence: 1 year and 1 day (see good time credit 18 USC 3624, here)
Restitution: $412,404 to the IRS (to be used for civil assessment) and $172,884.43 to the Maryland Office of the Comptroller.
Banks: Bank Woori, HSBC
Entities: Yes (Giant Century Holdings Limited (GCHL) (a Hong Kong shell company).
FBAR Penalty: $441,482.50 (50% of high balance)
High Balance: $882,965.00
Tax Loss: $812,581.03 (If 2010 is included and including State of Maryland tax as relevant conduct); Federal Tax for period is $640,696.60 (if 2010 is included); but if 2010 is not included will not affect the sentencing guideline which is in the $400,000 - $1,000,000 range.
Court: D-MD
Judge: William D. Quarles (Wikipedia Entry, here)
The following is from the plea agreement:
The Key Facts:
Defendant: Bae Soo "Chris" Chon
Age: 49
Conviction (by Plea): Tax Evasion (1 count)
Sentence: 1 year and 1 day (see good time credit 18 USC 3624, here)
Restitution: $412,404 to the IRS (to be used for civil assessment) and $172,884.43 to the Maryland Office of the Comptroller.
Banks: Bank Woori, HSBC
Entities: Yes (Giant Century Holdings Limited (GCHL) (a Hong Kong shell company).
FBAR Penalty: $441,482.50 (50% of high balance)
High Balance: $882,965.00
Tax Loss: $812,581.03 (If 2010 is included and including State of Maryland tax as relevant conduct); Federal Tax for period is $640,696.60 (if 2010 is included); but if 2010 is not included will not affect the sentencing guideline which is in the $400,000 - $1,000,000 range.
Court: D-MD
Judge: William D. Quarles (Wikipedia Entry, here)
The following is from the plea agreement:
