Metabolife owner sentenced for tax evasion
By: North County Times | ∞
SAN DIEGO ---- A North County man who owns part of weight loss-oriented Metabolife International, Inc., was sentenced Thursday to six months in custody for evading millions of dollars in taxes.
U.S. District Court Judge Barry Ted Moskowitz also sentenced William Robert Bradley of Rancho Santa Fe to two years of supervised release that includes four months of home confinement and 1,000 hours of community service, authorities said.
In addition, they said, Bradley paid the U.S. Internal Revenue Service more than $6 million in back taxes, penalties and interest.
According to assistant U.S. attorneys Phillip L.B. Halpern and Kyle W. Hoffman, Bradley used various schemes to avoid paying taxes, including diverting corporate profits, improperly classifying corporate income, failing to report personal income and using a charitable foundation to conceal income.
A $1 million check from The Bradley Foundation was disguised as a donation to partially fund a $2 million loan in 2002 to cover Metabolife's operating expenses, as outlined in the plea agreement in the case.
In addition, it noted, Bradley ---- a one-third owner in Metabolife ---- also admitted he agreed that year to finance up to $5 million to fund a loan using foundation assets.
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