Prov. Jewelry Manufacturer Pleads Guilty To $400k In Tax Fraud

PROVIDENCE, RI — A Providence jewelry manufacturer pleaded guilty to charges of tax evasion on Friday after admitting he hid nearly $400,000 of his business' income from the IRS. Byron Urizar, 47, of Lincoln, failed to pay taxes on more than five times of his reported business income in 2014 and 2015.

Urizar is the sole owner of B. U., Inc., a Providence jewelry manufacturer. In court, Urizar admitted to cashing 268 checks made out to his business using a check casher in 2014 and 2015, totaling $399,593. Urizar did not tell his accountant about the cashed checks and they were never deposited into the business bank account or reported to the IRS as income. Taxes were only paid on income deposited in the business bank, around five times less than the actual amount.

Urizar is set to be sentenced on July 19. According to the U.S. Attorney's Office, tax evasion carries a penalty of up to five years in prison with three years of supervised release and a fine of up to $250,000.