On Friday, it was announced that a former CEO of a Salt Lake City, Utah company had pleaded guilty to tax evasion. 61-year-old Peter Nordberg of Alameda, California worked as the Chief Executive Officer of Max International, which produces and markets nutritional supplements directly and with the assistance of independent associates and distributors.
Nordberg earned a salary and commission. Nordberg ensured that Max International paid his bonus income to a nominee entity that he had created. He also used a bank account in the name of the nominee entity to pay personal expenses. Nordberg hid the bonus income from his tax return preparer.
Ultimately, the tax returns were submitted to the Internal Revenue Service with underreported income. Nordberg admitted that his actions caused the IRS to sustain a loss of roughly $275,000. The former Utah CEO is scheduled to be sentenced on November the 30th. He faces a statutory maximum sentenced of five years in prison.