FORT WORTH, Texas (AP) — A North Texas businessman has been sentenced to 14 years in prison and must pay $25 million in a tax fraud case.
A federal judge in Fort Worth on Wednesday sentenced Larry Lake of Colleyville.
Lake in February was convicted of concealment of assets and three counts of tax evasion. Prosecutors say Lake, who filed for bankruptcy in 2004, owns finance-related businesses and a drug store. He must pay a $550,000 fine plus taxes, interest and penalties — adding up to $25 million.
Travis Lake of Colleyville helped his father manage the businesses. The son pleaded guilty to three counts of fraud and false statements over returns for tax years 2006, 2007 and 2008. Travis Lake was sentenced to 13 months in prison and ordered to pay a $30,000 fine.