POSTED: 04:31 p.m. HST, Dec 18, 2012
LAST UPDATED: 04:32 p.m. HST, Dec 18, 2012
A former Maui mortgage lender was sentenced to two years in prison Monday for tax evasion, the U.S. Attorney’s Office said.
Michael Eric Stewart, 73, owner and operator of Infinity Mortgage, owed $476,265 in taxes for income earned from 2001 to 2006 from his mortgage business.
In addition to the prison term, Chief United States District Judge Susan Oki Mollway also ordered Stewart to pay restitution of $476,265 to the Internal Revenue Service.
The indictment alleged that Stewart transferred $788,000 earned through his mortgage business into a Nevada bank account. Th indictment said Stewart later transferring more than $345,000 of that into his Hawaii bank account, from which, according to a plea agreement, he wrote checks totaling $280,000 payable to himself or to cash.