A lawyer faces up to 20 years in prison after he was charged with unlawfully bringing $18m (£13.7m, €15.3m) from the Isle of Man to the US.
According to the US indictment, Jack Stephen Pursley, also known as Steve Pursley, conspired with another individual to move the untaxed earnings from a co-conspirator’s business bank account in the Isle of Man.
The Houston, Texas-based attorney is charged with one count of conspiracy to defraud the United States and three counts of tax evasion.
The indictment alleges that Pursley received more than $4.8m and an ownership interest in the co-conspirator’s ongoing business for his role in the fraudulent scheme.
The charge further alleges that, for tax years 2009 and 2010, Pursley evaded the assessment of and failed to pay the income taxes due by, among other means, withdrawing the funds as purported non-taxable loans or returns of capital.
The co-conspirator was not named by the US Department of Justice.
Pursley allegedly used the money to buy a second home in Vail, a Colorado ski resort, and property in Houston.
If convicted, he faces a maximum of five years in prison for the conspiracy count and five years in prison for each count of tax evasion, on top of any confiscation and supervised release orders.
