Former owner of Kansas City Knights convicted of fraud
A U.S. District Court in Kansas City has sentenced the former owner of the city’s American Basketball Association team, the Knights, to four years and three months in prison for evading taxes and defrauding a bank. The court also ordered the defendant to pay restitution of more than $1.3 million for his white-collar offenses.
White-collar crimes, such as embezzlement, tax evasion, insider trading, and fraud for purposes of financial gain, are typically nonviolent crimes. However, these offenses are taken very seriously at both the federal and state level. Although individual states often have agencies assigned to the investigation of white-collar crimes, the federal government also has the authority to prosecute suspected offenders under the Commerce Clause of the U.
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The former basketball team owner and resident of Overland Park allegedly failed to turn over more than 0,000 in payroll taxes from his Swish Holding Corporation to the Internal Revenue Service.
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Additionally, according to prosecutors, he submitted false information to a bank in a credit application. It was at that point that federal authorities stepped in.
Federal criminal charges are a serious matter. U.S. attorneys often prosecute those accused of white-collar crimes aggressively, and if convicted, the consequences are usually significant fines and time in federal prison.
In this case, the defendant was cooperative with the federal government throughout its investigation and he chose to plead guilty to the charges.
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He expressed remorse for his misdeeds, and due to his accommodating behavior, was allowed to spend six weeks with his family before surrendering to serve his term in federal prison. He stated to his defense attorney that he hoped his story would stand as a lesson for others.