Mike Price pays nearly a half-million in yacht tax-evasion case

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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