“They're going to spend the rest of their lives as convicted felons,” said Attorney General Mike Hunter.
The two men will spend the next two decades on probation in order to pay more than $820,000 in restitution to victims.
As part of the plea, they were charged with 38 felonies and six misdemeanors.
The Tates swindled more than 2,200 individuals out of their property and money they paid to have their music or books published or produced through the companies.
“They use their creativity and artistry to create intellectual property, which was mishandled, misused and converted in many cases by the Tate`s and they deserve to be paid for that,” said Attorney General Mike Hunter.
Attorney General Hunter said his office has set up a restitution account and is working on a system to begin paying victims back as expeditiously as possible.
The defendants made an initial payment of $109,000 to the Tate Victim Restitution Account. On the first day of every month beginning in February, they will make a monthly restitution payment to the account in the amount of $3,000.
“We will closely monitor the Tate`s throughout the course of their sentence to ensure that every dollar is accounted for and that they are complying with the terms of the plea agreement,” said Attorney General Mike Hunter.
The total amount of the restitution owed may increase as more victims come forward with credible claims. Victims have until July 1, 2019 to file complaints and supporting documentation with the Attorney General’s Consumer Protection Unit.
If the defendants violate any of the terms, they risk probation revocation, which could result in prison time.
To see the plea agreement, click here.