By Josh Salman, HeraldTribune.com 12/13/13
MANASOTA KEY – An Englewood couple indicted on federal charges related to an off-shore tax evasion conspiracy will likely have a couple extra million dollars to help pay their fines.
David Frederick and Patricia L. Hough sold their 5,814-square-foot home in Manasota Key earlier this month for $2.2 million, court records show.
The married couple was indicted on federal charges after the Internal Revenue Service accused them of hiding millions of dollars in proceeds from the sale of two Caribbean medical schools in a Swiss bank account to skirt taxes.
The $35 million that the two doctors reaped when the schools were sold in 2007 made their case the largest since U.S. authorities launched a crackdown on offshore tax evasion in 2008, officials said.
Hough and Fredrick used the proceeds to buy an airplane, and homes in Sarasota and North Carolina, after creating a foundation and other entities to hold money in accounts at UBS and other foreign banks, while filing phony tax returns to “conceal assets and income from the IRS,” according to their indictments.
Hough was convicted by a jury in October and now faces a potential sentence of five years in prison and a $250,000 fine for the conspiracy count, along with another three years and a $250,000 fine for filing the false returns. Her sentencing has been scheduled for early next year.
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