Post by anenro on Jul 24, 2020 15:29:36 GMT 4
El Cajon man pleads guilty to bank fraud, tax evasion
David Daughtrey, 60, has agreed to pay more than $1 million in restitution to the IRS
An El Cajon man pleaded guilty Wednesday to federal bank fraud and tax evasion charges for failing to report nearly $500,000 in income to the IRS, as well as taking part in a scheme to fraudulently obtain a mortgage for his $1.8 million home.
David Daughtrey, 60, is slated to be sentenced Nov. 16 and has agreed to pay more than $1 million in restitution to the IRS, according to the U.S. Attorney’s Office.
Prosecutors say Daughtrey omitted at least $490,000 in income on his 2012 tax return, then failed to report his total income each year between 2013 and 2015, and did not file timely tax returns in subsequent years.
“People who cheat on their taxes are cheating all other law-abiding taxpayers,” said U.S. Attorney Robert Brewer. “Mr. Daughtrey blatantly disregarded his tax obligations for years. The defendant not only abused the tax system for his own financial benefit, but conspired to commit bank fraud in order to maintain this lifestyle.”
Daughtrey’s plea also came with admissions to having another person submit a mortgage application to Wells Fargo for his $1.8 million five-bedroom home.
Daughtrey then made monthly mortgage payments on the home, while the bank believed the third party owned the house.
The U.S. Attorney’s Office said Daughtrey later submitted a false hardship letter on that person’s behalf in an attempt to get the terms of the loan modified.
David Daughtrey, 60, has agreed to pay more than $1 million in restitution to the IRS
An El Cajon man pleaded guilty Wednesday to federal bank fraud and tax evasion charges for failing to report nearly $500,000 in income to the IRS, as well as taking part in a scheme to fraudulently obtain a mortgage for his $1.8 million home.
David Daughtrey, 60, is slated to be sentenced Nov. 16 and has agreed to pay more than $1 million in restitution to the IRS, according to the U.S. Attorney’s Office.
Prosecutors say Daughtrey omitted at least $490,000 in income on his 2012 tax return, then failed to report his total income each year between 2013 and 2015, and did not file timely tax returns in subsequent years.
“People who cheat on their taxes are cheating all other law-abiding taxpayers,” said U.S. Attorney Robert Brewer. “Mr. Daughtrey blatantly disregarded his tax obligations for years. The defendant not only abused the tax system for his own financial benefit, but conspired to commit bank fraud in order to maintain this lifestyle.”
Daughtrey’s plea also came with admissions to having another person submit a mortgage application to Wells Fargo for his $1.8 million five-bedroom home.
Daughtrey then made monthly mortgage payments on the home, while the bank believed the third party owned the house.
The U.S. Attorney’s Office said Daughtrey later submitted a false hardship letter on that person’s behalf in an attempt to get the terms of the loan modified.