Reinhard sentenced to 51 months in prison
Don Reinhard, a former Florida State Seminole Boosters president and investor, was sentenced to 51 months in prison this afternoon in Tallahassee after pleading guilty earlier this year to federal tax fraud and other criminal charges. It was the maximum sentence allowed under federal guidelines.
Reinhard was accused of falsifying a tax return and hiding assets in a bankruptcy that followed the 2003 collapse of an investment scheme that snared some of the most prominent players in the state capital, costing them millions.
In seeking a loan, Reinhard submitted a 2001 income tax return that listed his income as more than $944,000, according to federal prosecutors. The return on file with the Internal Revenue Service listed his adjusted gross income as $389,000.
Reinhard had also pleaded guilty to three counts of bankruptcy fraud for not disclosing assets, including a glass gondola sculpture he sold amid the bankruptcy for $24,000 and the sale of a Harley-Davidson motorcycle. He also pleaded guilty to making false statements.
Reinhard filed for bankruptcy after the SEC, state regulators and a number of former investors accused him of defrauding investors who trusted him with millions of dollars.