U.S. Department of Justice
United States Attorney
District of Hawaii

PJKK Federal Building (808) 541-2850
300 Ala Moana Blvd., Room 6-100 FAX (808) 541-2958
Honolulu, Hawaii 96850

                                                                                                                                     December 12, 2001

For Immediate Release

P R E S S   R E L E A S E

Raymond A. C. Nip, 62, a Honolulu certified public accountant, pled guilty today in federal court to evading personal income taxes.

According to Edward H. Kubo, Jr., United States Attorney for the District of Hawaii, Nip admitted failing to report income on his tax return for calendar year 1994, with the intent of avoiding the payment of income taxes. In his plea agreement, Nip admitted that he failed to report total income of approximately $533,784.07 on his tax returns for the years 1993-1997, and that an additional tax of $212,875 was due and owing to the Internal Revenue Service. The unreported income consisted on money earned through Nip's accounting practice, and $202,896.79 in payroll taxes which he collected from a corporate client but failed to remit to the IRS.

Nip faces a maximum jail term of five years and a fine of up to $250,000 when he is sentenced by Chief U.S. District Judge David Ezra on May 13, 2002.

The case was investigated by the Criminal Investigative Division of the IRS.

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