Seattle Businessman Convicted of Tax Evasion and Filing False Tax Returns
Note, the release has been corrected to reflect that Loo had around $4.7 million in unreported income, not $4.8 million.
Monday, July 14, 2025 - A federal jury convicted a Washington man on Friday for tax evasion and filing false tax returns related to a scheme to conceal income received from his commercial property business.
The following is according to court documents and evidence presented at trial: Steven Loo, of Seattle, controlled and operated eight companies that owned commercial real estate. Each was managed by independent property management companies, which were responsible for managing the day-to-day operations of the real estate. Loo diverted the income he earned from his real estate by instructing the property management companies to issue checks, categorized as asset management fees, to two other entities that Loo controlled. Loo knew that the funds deposited into these bank accounts, around $4.7 million, were income to him and that he was required to report and pay tax on the funds. Nevertheless, Loo filed tax returns for 2015 through 2020 that did not report or pay tax on these funds.
Evidence presented at trial showed that Loo owes $1.6 million in taxes on his unreported income.
Loo is scheduled to be sentenced on Oct. 9. He faces a maximum penalty of three years in prison for each of the false tax return charges and a maximum penalty of five years in prison for each of the tax evasion charges for which he was convicted. 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 Karen E. Kelly of the Justice Department’s Tax Division, and U.S. Attorney Teal Luthy Miller for the Western District of Washington made the announcement.
IRS Criminal Investigation investigated the case.
Trial Attorney Regina Jeon of the Tax Division and Assistant U.S. Attorneys Michael Dion and Sean Waite for the Western District of Washington prosecuted the case.
U.S. Department of Justice
Office of Public Affairs
Source: Justice.gov
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