Las Vegas Man Gambles with the IRS and Loses

William Waller Jr., a real estate broker from Las Vegas, NV was convicted in a jury trial of one count of attempting to evade the payment of federal income taxes of more than $500,000 and two counts of failing to file income tax returns.

After filing his 1998 tax return showing zero income, Waller did not file any tax returns for the next 20 years, despite earning $400,000 in 2011 alone. Using a bank account under a fictitious business name, Waller had all commissions earned deposited into that account, which he used to pay personal expenses as well as taking large cash withdrawals.  In addition, Waller took out loans on real estate that he owned to eliminate any equity he had.

Sentencing is scheduled for June 21st, where he could face five years in prison for the count of tax evasion and one year in prison for each count of failure to file a tax return.  Waller also could be sentenced to a period of supervised release, restitution and monetary penalties.