Source: United States Department of Justice News
A Jackson, Mississippi, landman pleaded guilty today to submitting a false tax return on behalf of his business, Gulf States Royalty, Ltd.
According to court documents and statements made in court, Jeffrey Randall owned and operated an oil and gas lease company, Gulf States Royalty, Ltd. After informing his return preparer that he was unwilling to pay the tax he owed on the $3 million dollars earned by Gulf States in 2008, Randall and his preparer reported more than $2 million dollars in false business expenses on Gulf States’s 2008 corporate income tax return (Form 1120). Randall then signed the false return and directed his tax return preparer to submit it to the IRS. In total, Randall caused a tax loss to the IRS of $824,036.72.
Randall is scheduled to be sentenced on July 26 and faces a statutory maximum of three years in prison. He also faces a period of supervised release, restitution, and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.
Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division made the announcement.
IRS Criminal Investigation is investigating the case.
Trial Attorney Richard (R.J.) Hagerman of the Justice Department’s Tax Division and Assistant U.S. Attorney Charles W. Kirkham for the Southern District of Mississippi are prosecuting the case.