Businessman Faces Five Years In Prison

An Illinois man pleaded guilty to federal income tax evasion.

Gary T. Petersen, 55, of Crystal Lake, Illinois, was president and sole shareholder of Petersen Sealcoating and Paving. According to court records, Petersen in 2016 deposited checks as payment for services and products into bank accounts Petersen held by his family members that he controlled. Petersen also cash checks personally.

For the calendar year 2016, Petersen provided the company income information to his tax preparer, but concealed checks that he deposited into his joint and controlled accounts, and the checks he cashed. Petersen admitted to doing the same for the years 2012, 2013, 2014 and 2015. He faces up to five years in prison.