Fremont Tech Company Owner Pleads Guilty in Multi-Million Dollar Tax Scheme

Roger Chi Quan, 55, of Milpitas, owned and operated QXQ Inc., which makes circuit board test fixtures. In his plea agreement, Quan admitted that he had kept two sets of books for the business since before 2014, one set for U.S. customers and another for customers in Asia.

Quan acknowledged that he gave only the U.S. books to his income tax preparer, causing his 2017 federal income taxes to be underreported by nearly $1.8 million. Quan also admitted he had signature authority for at least 11 foreign bank accounts, where he had his customers in Asia send their payments to his business.Prosecutors said one of these accounts held a balance of at least $12,137,288.50 on April 15, 2018. Quan was charged in March with one count each of willfully aiding and assisting in the preparation of a false tax return and willfully violating foreign bank account reporting requirements.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Fremont tech company owner pleads guilty in multi-million dollar tax fraud schemeThe owner of a tech company based in Fremont pleaded guilty to crimes related to a scheme to underreport his income by millions of dollars, according to federal prosecutors.
Source: KPIXtv - 🏆 443. / 53 Read more »

Enphase stock falls more than 15% as energy-tech company's revenue outlook comes up shortShares of Enphase Energy dropped more than 15% in the extended session Tuesday after the energy technology company projected lower-than-expected revenue in the current quarter.
Source: MarketWatch - 🏆 3. / 97 Read more »

Owner of Fremont business tried to hide more than $4 million from IRSThe guilty plea came from the owner of the Fremont-based QXQ, Inc.
Source: mercnews - 🏆 88. / 68 Read more »

Wall Street believes this one stock was the biggest earnings winner ... and it's not techStock analysts are increasingly bullish on this food company while Wall Street focuses on tech
Source: CNBC - 🏆 12. / 72 Read more »