Colorado man guilty of $7.2M renewable energy tax scam
DENVER (AP) — A Colorado man has pleaded guilty to charges stemming from a scheme in which he and others filed false claims for tax credits under a federal program that encourages production and use of renewable energy.
The Denver Post reports that Matthew Taylor pleaded guilty Friday in federal court in Denver to conspiracy to defraud the United States, conspiracy to commit money laundering and money laundering.
According to a U.S. Justice Department news release, Taylor and others created a fake company and from 2010 to 2013 filed claims with the IRS for over $7.2 million in tax credits for renewable fuel produced.
Prosecutors say the company produced no qualifying renewable fuel.
They say Taylor personally netted at least $4.5 million from the scheme.
Sentencing is scheduled for Dec. 6.
Information from: The Denver Post, http://www.denverpost.com