Newport Beach Businessman Indicted for Tax Evasion

News Summary

Edward Michael Greer, a businessman from Newport Beach, faces serious tax evasion charges, accused of misusing company funds for personal expenses between 2017 and 2020. This case raises questions about practices in his insurance salvage company. Other recent tax evasion cases in Orange County showcase a troubling pattern of individuals evading tax obligations, including luxury purchases and hidden income. As these legal troubles unfold, they reflect the serious consequences of tax evasion in the community.

Newport Beach Businessman Indicted for Tax Evasion

In a startling turn of events, Edward Michael Greer, a businessman from Newport Beach, has found himself in hot water with the federal authorities over accusations of tax evasion. This has raised eyebrows not just in his local community, but beyond, as many wonder how a man running an insurance salvage company could land in such a situation.

What’s the Scoop?

Greer, who owned Greer & Kirby Co. Inc. based in La Mirada, is facing four serious counts of tax evasion, according to the U.S. Attorney’s Office. The allegations emerging from the indictment suggest that between the years of 2017 and 2020, Greer misused company bank accounts to fund his personal lifestyle. How? By using his business’s funds to pay off personal expenses, which ranged from covering sports gambling losses to splurging on a sleek 2021 Mercedes-Benz.

In a rather clandestine manner, Greer was said to have concealed personal payments in the company’s business records. He allegedly instructed his team to categorize these personal expenses as business costs—essentially cooking the books to lower the company’s taxable income.

The Company Connections

It’s worth noting that Greer isn’t alone in this venture. His gambling connections include Wayne Joseph Nix and Ken Arsenian, who have already pleaded guilty for running an illegal sports gambling business. Both Nix and Arsenian are currently awaiting sentencing for their actions. While their legal troubles seemed to be separate, they highlight a much wider issue around tax evasion and illegal gambling in the business world.

Other Tax Evasion Cases in Orange County

Greer’s situation is not an isolated case—Orange County has seen a series of other individuals biting the dust over tax evasion schemes. One notable example is James Fabius King from Apopka, who recently received a one-year sentence for trying to dodge an outstanding tax debt of $546,479. King was found to be shuffling around valuable assets, including luxury cars, to evade the taxman. He had even sold a Bentley and funneled nearly $128,000 into various accounts, all while trying to duck his tax obligations.

Adding to the growing list is Luis E. Perez, the owner of several staffing companies in Orange County who pleaded guilty to a grand tax evasion scheme aimed at defrauding the IRS of an astounding $60 million. He managed to owe nearly $30 million in taxes, penalties, and interest while living a lavish lifestyle complete with luxury cars like a Ferrari and a Lamborghini.

Sneaky Strategies and Consequences

Chung Ku Sin, who operates three auto repair shops, has also recently pleaded guilty to filing a false tax return, admitting to a significant tax loss of almost $1 million. From 2015 to 2021, Sin failed to report approximately $2.93 million in income by using a check-cashing service that kept his income hidden from his tax preparer. Sin is scheduled for a hearing in May 2024 and could face a maximum prison sentence of three years if found guilty.

Closing Thoughts

The indictment of Edward Michael Greer may have taken many by surprise, but it serves as a reminder of the lengths some will go to evade taxes. As these cases unfold and the judicial process continues, it’s clear that tax evasion is a serious crime that can lead to significant consequences, not just for the individuals involved but for the entire community. Stay tuned as these cases develop further; it seems the drama in Orange County is just getting started.

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Additional Resources

• OC Register: OC Man Accused of Tax Evasion
• Orlando Sentinel: Orange County Man Gets 1-Year Sentence
• Hoodline: Orange County Business Owner Pleads Guilty
• CBS News: Ambulance Company Owner Faces Over 100 Years for Fraud
• Auto Body News: Auto Body Shop Owner Pleads Guilty
• Wikipedia: Tax Evasion