HARRISBURG, DAUPHIN COUNTY—A man is sentenced nearly a year after being charged on allegations of tax fraud. Officials say Troy Beam, Shippensburg faces 74 months in prison in relation to charges of tax evasion, obstructing and impeding the due administration of the IRS and willful failure to file federal income tax returns. Beam is the former state auditor in the PA Auditor General's office as well as a former CPA.
Officials say that between 1992 and 1996 Beam failed properly to file federal income tax returns for several business ventures in which he profited substantially.
Officials say that between 1999 and 2007 Beam earned more than $10.3 million in gross income from his real estate ventures.
Assistant Attorney General of the Justice Department's Tax Division Kathryn Keneally says a conviction like this sends a very clear message. "Convictions such as this send a loud and clear message that those who defy our nation's tax laws will be investigated and prosecuted to the fullest extent of the law" Keneally said.
PREVIOUS: Shippensburg homebuilder Troy Beam was convicted Wednesday in Federal Court in Harrisburg of tax evasion, obstructing and wilful failure to file federal income tax returns. Beam, a former certified public accountant and state auditor in the Pennsylvania Auditor General's Office made millions while operating "Sunbeam Builders' and two real estate businesses, "Latrobe Leasing and "Goldstar Property Management". Despite earning substantial income from those businesses, Beam failed to file any federal income tax returns since 1996. He also filed false amended federal income returns for 1992, 1993, and 1994, since tax refunds for taxes he had paid for those years.
Beam setup numerous sham trusts and other entities to hide his income and assets. He also setup a bank account in the Cayman Islands where he deposited $3 million. Beam faces up to 12 years in prison, $900,000 in fines and full restitution to the IRS for all back taxes due and owing. Sentencing is scheduled for this summer.