Max C. Lloyd, a certified public accountant licensed in California and a resident of Utah, has pled guilty to a felony charge of aiding and assisting in the preparation of a false federal income tax return, according to a prepared statement released Tuesday by the U.S. Attorney for the District of Utah.
According to the U.S. Attorney, Lloyd admitted to causing a tax loss to the United States of $157,275.
Sentencing has been scheduled for Jan. 9. Lloyd faces a maximum sentence of three years imprisonment followed by up to three years supervised release, a $250,000 fine and liability for the costs of prosecution.
Lloyd said he became associated with David Orr, who was doing business as Advanta Strategies, which later became World Contractual Services. Advanta Strategies promoted and sold a fraudulent tiered trust program that purported to legally reduce individuals' tax liabilities, the U.S. Attorney statement said.