A Plano man accused of hiding more than $1 million in business income from the Internal Revenue Service was convicted on Thursday.
A federal jury determined on September 1 that Raymond Griggs was guilty of one count of making a false statement on an income tax return, as announced by U.S. Attorney for the Northern District of Texas Chad E. Meacham
Griggs, 51, ran Griggs Financial LLC, a tax preparation business, in Dallas between 2011 and 2013. According to evidence presented at trial, he claimed in a 2013 report to the IRS that his business made about $340,000 when in truth, it generated over $1.3 million in gross receipts, the announcement explained.
That same year, Griggs spent over $1.4 million, including $114,000 for entertainment. He spent tens of thousands of dollars on travel, flight lessons, and jewelry, per the announcement.
Evidence presented at trial also showed that Griggs underreported his business’s income for 2011 and 2012 to the IRS by about $1 million.
Griggs faces up to three years in federal prison.
