Friday, February 23, 2018
News Roundup

St. Petersburg man sentenced to 21 months for tax evasion

TAMPA — A St. Petersburg man was sentenced Monday to 21 months in federal prison for his role in a tax evasion scheme.

Steven Headden Young, 55, was also ordered to pay more than $500,000 in restitution to the Internal Revenue Service.

Federal authorities said Young falsified expense records for his business, Young Realty & Property Management, to negate his income taxes for the years 2007 to 2011. He also took advantage of marriage tax credits, claiming he was married and living with his wife, when he was, in fact, single, according to court records.

During an IRS Criminal Investigation inquiry into the scheme, Young provided a fake lease agreement and invoices between his company and a sham corporation said to be headquartered in the Dominican Republic, officials said. He also tried to intercept bank records that investigators requested through a subpoena, fabricating a letter to Bank of America to re-direct the records to another address.

Young signed a plea agreement in April, admitting to the scheme. In addition to the prison sentence, Chief U.S. District Judge Steven Merryday ordered Young to file corrected tax returns for the years in question.

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