The
former owner of the Kansas City Knights basketball team was sentenced
Monday to 51 months in federal prison for tax evasion and bank fraud.
James
Clark, 53, of Overland Park, pleaded guilty in April to keeping more
than $500,000 in payroll taxes from employees of his health care
consulting firm, SWISH Holding Corp., for his personal use. That
included running the Knights, a defunct American Basketball Association
franchise.
Clark
also used false tax returns to overstate the Knights’ profits on an
application for a $1.4 million line of credit from UMB Bank.
Showing posts with label Jim Clark. Show all posts
Showing posts with label Jim Clark. Show all posts
Monday, July 16, 2012
Thursday, April 19, 2012
James Clark, former owner of KC Knights pleads guilty to tax evasion
The
former owner of the Kansas City Knights professional basketball team
pleaded guilty Wednesday in Kansas to tax evasion and bank fraud.
The U.S. Attorney's office says 52-year-old James Clark, of Overland Park, entered the pleas Wednesday in federal court in Kansas City, Kan.
Clark admitted withholding more than $500,000 in payroll taxes from employees of his company, SWISH Holding Corp., but failing to pay the money to the Internal Revenue Service. He used the money for other purposes, including operation of the basketball team.
Clark also admitted submitting false information to a bank in May 2004 while trying to obtain a line of credit from UMB Bank worth more than $1 million. Personally guaranteeing the loan, he provided documents overstating the value of the basketball franchise and misrepresenting that he held an ownership interest in the American Basketball Association, prosecutors said.
The bank issued nearly $1.4 million on that line of credit, but Clark made only one payment of $6,368.43.
A judge set sentencing for July 16.
The Knights were active in Kansas City in the first half of the last decade at Kemper Arena. The team won the American Basketball Association championship in 2002, finishing the season by winning 24 games in a row.
The U.S. Attorney's office says 52-year-old James Clark, of Overland Park, entered the pleas Wednesday in federal court in Kansas City, Kan.
Clark admitted withholding more than $500,000 in payroll taxes from employees of his company, SWISH Holding Corp., but failing to pay the money to the Internal Revenue Service. He used the money for other purposes, including operation of the basketball team.
Clark also admitted submitting false information to a bank in May 2004 while trying to obtain a line of credit from UMB Bank worth more than $1 million. Personally guaranteeing the loan, he provided documents overstating the value of the basketball franchise and misrepresenting that he held an ownership interest in the American Basketball Association, prosecutors said.
The bank issued nearly $1.4 million on that line of credit, but Clark made only one payment of $6,368.43.
A judge set sentencing for July 16.
The Knights were active in Kansas City in the first half of the last decade at Kemper Arena. The team won the American Basketball Association championship in 2002, finishing the season by winning 24 games in a row.
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