HENDERSON (KTNV) — A Henderson accountant will spend time behind bars after pleading guilty to filing false tax returns in connection with an investment scheme.
Court documents and statement previously stated Lance K. Bradford managed a firm called LL Bradford & Company. Justice Department officials said that in 2011, he started offering LLB clients an "investment opportunity" where clients made payments to his partnership entity and he claimed the payments would allow them to claim large tax deductions. However, tax laws don't allow those deductions to be sold and the partnership didn't incur any losses or depreciation in the amounts that Bradford was selling.
According to Justice Department officials, Bradford's scheme caused a tax loss to the Internal Revenue Service of at least $8 million.
On Tuesday, Bradford was sentenced to three years in prison. Once he is released from prison, a judge ruled that Bradford will serve one year of supervised release and must pay $6,734,338 in restitution to the United States.
