TULSA, Okla. (KFOR) – The former president of an Oklahoma steel pole manufacturer has pleaded guilty to evading millions of dollars in income taxes.
According to the United States Department of Justice, Phillip Barry Albert, 63, of Tulsa was President of Pelco Structural LLC from 2014-2019. Albert instructed the manufacture’s outside payroll service company to give him more than $2.6 million.
Officials say Albert asked for the payments to be classified as reimbursements instead of income, that way federal income taxes would not be withheld, and the payments would not show up on his W-2 forms as wages.
According to the U.S. Dep. of Justice, Albert filed separate income tax returns for 2014 through 2019 that did not tell of the payments, totaling in $2,615,750, which caused a tax loss to the IRS of $1,000,232.
Albert faces a maximum penalty of 5 years in prison as well as a period of supervised release, restitution, and monetary penalties, officials say. The plea agreement said Albert agreed to pay around $2,615,750.00 to Pelco in restitution and the IRS $1,000,232.
According to officials, a federal district court judge will decide the sentence and final restitution after considering factors from the U.S. Sentencing Guidelines and other factors. IRS-Criminal Investigation and the Federal Bureau of Investigation are looking into this case.