On Thursday, May 10, 2018, it was announced that 47-year-old Michael Sang Han, formerly of Palm Beach, Florida, had been found guilty of two counts of tax evasion for evading more than $4 million in taxes in 2010 and 2011. Evidence presented at trial showed that Han owned and operated Envion. He claimed that the company held patents on technology used to convert plastics into fuel oil.
Han convinced two people to invest almost $40 million in his company. Then, he used more than $14 million of that money to fund his lavish lifestyle. In 2010 and 2011, the defendant purchased a Palm Beach home, took flights on private jets and bought several luxury vehicles. He also used some of the money to replace money he had previously misappropriated from Envion.
Han took steps to conceal his actions from his bookkeepers and tax preparers. As a result, the defendant did not report any of the money converted for his personal use on his 2010 and 2011 tax returns. He evaded more than $4 million in tax liabilities. The jury returned guilty verdicts on May 9, 2018 following an eight-day trial. Han is now scheduled to be sentenced on August 1, 2018.
At that time, he will face a statutory maximum of five years in prison on each count. Further details can be found here.