Financial Fraud: Kenneth Taylor Pleaded Guilty To Conspiracy to Commit Wire Fraud And To Filing a False Federal Income Tax Return

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Oakland Resident Pleads Guilty To Conspiring To Sell Fraudulent Financial Instruments And Underreporting Income

<h2>Oakland Resident Pleads Guilty To Conspiring To Sell Fraudulent Financial Instruments And Underreporting Income<&sol;h2>&NewLine;<p>OAKLAND – Kenneth Taylor pleaded guilty today to conspiracy to commit wire fraud and to filing a false federal income tax return&comma; announced United States Attorney David L&period; Anderson&comma; Principal Deputy Assistant Attorney General Ricard E&period; Zuckerman&comma; Federal Bureau of Investigation Special Agent in Charge John F&period; Bennett&comma; and Internal Revenue Service&comma; Criminal Investigation &lpar;IRS-CI&rpar;&comma; Special Agent in Charge Kareem Carter&period; The plea was accepted by the Honorable Jon S&period; Tigar&comma; U&period;S&period; District Judge&period;<&sol;p>&NewLine;<p>According to the plea agreement&comma; between 2009 and 2012&comma; Taylor&comma; of Oakland&comma; Calif&period;&comma; conspired with at least one of his codefendants&comma; Sharon Ringgenberg&comma; of Martinez&comma; and Craig Scott&comma; of Lafayette&comma; to generate and transmit to banks fraudulent standby letters of credit and proof of funds statements&period; The fraudulent <a class&equals;"wpil&lowbar;keyword&lowbar;link" href&equals;"https&colon;&sol;&sol;www&period;fraudswatch&period;com&sol;tag&sol;financial-fraud&sol;" title&equals;"financial" data-wpil-keyword-link&equals;"linked" data-wpil-monitor-id&equals;"913">financial<&sol;a> instruments were issued by Success Bullion USA&comma; LLC &lpar;SBUSA&rpar;&comma; an entity that was falsely advertised as the United States subsidiary of a large Hong Kong financial institution&period; Among the reasons that the financial instruments were fraudulent is that they reported false client creditworthiness and they reported client balances that exceeded SBUSA’s assets&period;<&sol;p>&NewLine;<p>Taylor admitted that&comma; at times when dealing with customers&comma; he posed as a fictional Hong Kong-based attorney for SBUSA&period; Taylor also admitted he assisted in the creation of SBUSA’s website and that another entity he controlled&comma; Centerlink&comma; LLC&comma; transmitted the fraudulent instruments to banks in a format that rendered the instruments unenforceable&period; Taylor received at least &dollar;550&comma;000 from the scheme&period; Taylor acknowledged the proceeds were sent to a bank account in Belize he controlled in the name of Centerlink&comma; LLC&period;<&sol;p>&NewLine;<p>Furthermore&comma; Taylor admitted he filed false 2009 and 2010 federal income tax returns that underreported his income in each year&period; Taylor also acknowledged he did not file a tax return for tax years 2011 through 2015 despite receiving sufficient income in each year and knowing that he was required to file a return&period;<&sol;p>&NewLine;<p>On April 13&comma; 2017&comma; a federal grand jury indicted Taylor&comma; Ringgenberg&comma; and Scott&period; Taylor was charged with one count of conspiracy to commit wire fraud&comma; in violation of 18 U&period;S&period;C&period; § 1349&semi; two counts of wire fraud&comma; in violation of 18 U&period;S&period;C&period; § 1343&semi; and two counts of subscribing to false tax returns&comma; in violation of 26 U&period;S&period;C&period; § 7206&lpar;1&rpar;&period; Today&comma; Taylor pleaded guilty to the conspiracy count and to one count of making and subscribing a false tax return&period; If Taylor complies with the plea agreement&comma; the remaining counts pending against him will be dismissed at sentencing&period;<&sol;p>&NewLine;<p>Judge Tigar scheduled Taylor’s sentencing for August 30&comma; 2019&period; The maximum statutory sentence for conspiring to commit wire fraud is 20 years in prison and a &dollar;250&comma;000 fine&period; The maximum statutory sentence for making and subscribing a false tax return is three years in prison and a &dollar;250&comma;000 fine&period; However&comma; any sentence following conviction will be imposed by the court only after consideration of the U&period;S&period; Sentencing Guidelines and the federal statute governing the imposition of a sentence&comma; 18 U&period;S&period;C&period; § 3553&period;<&sol;p>&NewLine;<p>Ringgenberg and Scott have both pleaded guilty to their respective roles in the scheme&semi; their sentencings have not yet been scheduled&period;<&sol;p>&NewLine;<p>Assistant United States Attorney Colin Sampson and Department of Justice Tax Division Trial Attorney Charles A&period; O’Reilly are prosecuting the case&period; This case is the result of an investigation by the FBI and IRS-CI&period;&Tab;&Tab;&Tab;&Tab;<&sol;p>&NewLine;

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