A former corporate officer for a Johnson Creek produce vendor pleaded guilty Tuesday to tax evasion for failing to file corporate tax returns and hiding the company's income by structuring bank deposits.
Thomas G. Paine, 64, who was vice president and treasurer for G. W. Paine Inc., which sold produce under the business name of Tree Ripe Citrus Company, failed to file tax returns for tax years 2010 to 2012, the U.S. Attorney's Office in Madison said. Paine also concealed the business' income by making structured cash deposits of less than $10,000 to evade bank reporting requirements.
The tax loss to the government was between $250,000 and $500,000.
Paine faces up to five years in prison when he is sentenced by U.S. District Judge James Peterson on May 8, along with supervised release, restitution and monetary penalties.