A Salt Lake man was sentenced to 100 months in federal prison Tuesday on his March conviction of conspiracy to defraud the government, bankruptcy fraud and tax evasion.
Stanley L. Wade, 63, will serve the time ordered plus enhancements for obstruction of justice and committing the acts within two years of having been released from prison on a prior offense, said Melodie Rydalch, spokeswoman for the Utah U.S. Attorney's Office.
The sentence was issued this past week in U.S. District Court by Judge Ted Stewart. Stewart also ordered Wade to serve 36 months of supervised release when he leaves prison and file his delinquent tax returns within 18 months of the sentencing.
"This is a case of a wealthy man who was willing to go to great lengths to avoid paying his fair share of taxes," U.S. Attorney Paul M. Warner said in a statement. "This sentence sends a message that those who aren't willing to pay their fair share of taxes will be prosecuted to the full extent of the law."
According to evidence introduced at trial, Wade and his wife, Janet B. Wade, conspired to hide ownership of more than 400 rental units in Salt Lake City so they could conceal the income and avoid paying taxes. The rent collected was deposited and transferred among more than 40 bank accounts.
During the years of conspiracy, they failed to pay more than $5 million in federal taxes. Janet Wade also was charged in the indictment but prosecutors agreed to a pre-trial diversion in her case.