DENVER (KKTV) - An El Paso County business owner will serve three years in prison for failing to pay hundreds of thousands in taxes, the Department of Justice announced Tuesday.
Craig Walcott of Monument, who owns a heath care products business, reportedly owed near half a million in taxes and penalties for the years 2005-2007. He was notified in 2010 and instead of paying, proceeded to develop an elaborate ruse to keep the IRS from collecting. His scheme included recording fictitious deeds of trust against four properties he owned so that they would be unattractive targets for IRS tax liens, and transferring other properties he owned to nominee entities to make it appear to the IRS that he no longer had an ownership interest in the properties, the DOJ said.
But the government eventually caught up to him, and in late November 2018 he pleaded guilty to one count of attempting to evade the payment of his federal income taxes. He was sentenced Tuesday.
Walcott will also have to pay back $628,733 in restitution.