SACRAMENTO REAL ESTATE INVESTOR SENTENCED FOR FILING FALSE TAX DOCUMENTS WITH THE IRS

SACRAMENTO, CA – September 16, 2010 – (RealEstateRama) — United States Attorney Benjamin B. Wagner announced today that Wallace Chin, 72, of Sacramento, was sentenced today by United States District Judge John A. Mendez to 12 months and one day in prison, to be followed by six months of home detention, and one year of supervised release. Chin was also required to pay $104,997 in restitution to the Internal Revenue Service. He pleaded guilty on May 25, 2010 to one count of filing a false tax return.

This case was the product of an extensive investigation by the Internal Revenue Service, Criminal Investigation. Assistant United States Attorney Laurel Loomis Rimon prosecuted the case.

According to court documents, Chin underreported by more than $700,000 the capital gains he received from the sale of property that he owned in Sacramento through a partnership. When Chin’s tax return was later audited by the IRS, Chin submitted a number of false and forged documents purporting to substantiate the false information in his return.

CONTACT:
Lauren Horwood Tuesday,
PHONE: (916) 554-2706
www.usdoj.gov/usao/cae
usacae.edcapress (at) usdoj (dot) gov