Orem man admits evading taxes
An Orem man has admitted failing to pay at least $550,000 in personal income tax between 1998 and 1999.
Roderick Prescott appeared in U.S. District Court in Eugene, Ore., on Tuesday to plead guilty to the charge of tax evasion, a week before he was to stand trial. Prescott is a former principal of National Trust Services in San Jose, Calif., and later in Selma, Ore.
According to a federal indictment, Prescott and a now-deceased business partner were involved in a Ponzi scheme in which proceeds were funneled to offshore accounts in the Cayman Islands. The two men used proceeds to purchase a nearly $3 million ranch in Oregon and the construction of two luxury log homes. Federal officials reported the men paid more than $328,000 to have solar panels installed and stockpiled frozen food in anticipation of an apocalypse in 2000. Another $1.1 million was used to purchase numerous vehicles and personal items.
Prescott is scheduled to be sentenced Sept. 9 in Eugene. He faces a maximum sentence of five years in prison, with a maximum fine of $250,000.
— Geoffrey Fattah
Recent comments
With all his Cayman experience? Barry should appoint him US...
LOL... | July 1, 2009 at 4:07 p.m.
Nibley was right....welcome to "Zion."
al | July 1, 2009 at 4:03 p.m.
someone needs to tell him that all of BO's cabinet positions have...
lost in DC | July 1, 2009 at 1:44 p.m.
- A haven for his work 12:16 p.m.
- Should your walls go black? 11:34 a.m.
- Insulation before new windows 11:32 a.m.
- Living with children 11:17 a.m.
- Murder-suicide in West Jordan 11:08 a.m.
- Stand-in for traditional cranberr 11:04 a.m.
- Family physician cuts out middlemen 11:02 a.m.
- Church leaders visit southernmost city 10:59 a.m.
- Memo out again tonight for Jazz 10:47 a.m.
- Health care bill faces a crucial vote 10:33 a.m.
- Mailman's nomination delivered
- Can BYU throw vs. Air Force?
- 4A: Timpview wins 4th in 4 years
- Cougars cruise to victory in Hawaii
- Huntsman blasts media over trip
- TCU still has a chance
- Orem man acquitted in tot's death
- Christian leaders not backing down
- Unga's status 'a game-time decision'
- 5A: Miners dig deep, claim crown
- Buttars wants to limit gay rights laws
184 - Palin plans tour stop in Utah
169 - BYU, Utah struck gold in coaches
124 - Lies shatter Utah family
123 - Palin's book shows she's unqualified
117 - Officer cleared in Cardall Taser case
100 - BYU cuts Women's Research Inst.
98 - Jazz finally win in San Antonio
96 - Utes knock off rival Aggies
93 - Huntsman pleased with Obama
86
A little after midnight Wednesday morning, about 21 hours ago as I write...
There's a lot of reason to leave your plastic home as you shop:
This family lacks clout. America's First Auntie, Zeituni Onyango, has a new...
Actually, in the IVF case - her insurance would only pay for fertility...
Don't get in a mud slinging contest with a pig.
As a parent, I would want my son to attend the school that would help him get...
"{It assesses a 10-percent tax on admission fees and user fees charged by...
Incredulous said: "Be careful, or you'll find actual scientific evidence...
Since he probably doesn't know what Ed L is talking about - it was Hurricane...
1. two undersize power forward can and do work. if there is a CENTER neither...
The real quuestion is not whether BYU can throw but can BYU run the ball...
want to know what would make your comment good? If it had anything to do with...

