Houston man indicted for failing to pay over $1 million in income tax
Note: An indictment is a formal accusation of criminal conduct, not evidence. A defendant is presumed innocent unless convicted through due process of law.
FBI tagged interest
David Felt, of Houston, is set to appear in federal court on charges he evaded the payment of income tax and committed bankruptcy fraud, announced Acting U.S. Attorney Jennifer B. Lowery. Mr. Felt is expected to make his initial appearance at 2 p.m. today before U.S. Magistrate Judge Sam Sheldon.
The federal grand jury returned the eight-count indictment March 25. It alleges that beginning in 1998, Felt evaded payment of over $1.2 million in income taxes he owed for select years in the 1980s and 1990s. He also allegedly failed to pay substantial amounts of income taxes he owed from 2010 to 2013.
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According to the charges, Felt also used the debtor-in-possession bank account of an entity in bankruptcy proceedings to pay personal expenses for himself, his family members and to pay non-creditor businesses. He also allegedly embezzled, spent and transferred over $353,000 of property of a bankruptcy debtor’s estate. The charges allege he made the payments and transferred the property after the court had ordered the approved Chapter 11 payment plan, in violation of federal law.
Each count of tax evasion or bankruptcy fraud carries a potential penalty of up to five years in federal prison as well as a possible $250,000 maximum fine.
IRS-Criminal Investigation and the FBI conducted the investigation. Assistant U.S. Attorneys Charles J. Escher and Quincy L. Ollison are prosecuting the case.
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March 27, 2021
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