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August 14, 2002 The United States Attorney's Office for the Northern District of California announced today that Wade Vincent Shang, an attorney licensed to practice law in California with offices in Daly City, was indicted by a federal grand jury on 5 counts of tax evasion in violation of 26 U.S.C. § 7201. According to the indictment, Mr. Shang filed tax returns for the years 1995 through 1999 which he knew to be false in that they under reported the income he had received in those years from his law practice. The maximum statutory penalty for each count in violation of 26 U.S.C. § 7201 is 5 years and a fine of $100,000. However, any sentence following conviction would be dictated by the Federal Sentencing Guidelines, which take into account a number of factors, and would be imposed in the discretion of the Court. An indictment simply contains allegations against an individual and, as with all defendants, Mr. Shang must be presumed innocent unless and until convicted. The prosecution is the result of an investigation by the Criminal Investigation Division of the IRS. Jay R. Weill is the Assistant U.S. Attorney who is prosecuting the case. A copy of this press release may be found on the U.S. Attorney's Office's website at www.usdoj.gov/usao/can. Related court documents and information may be found on the District Court website at www.cand.uscourts.gov or on http://pacer.cand.uscourts.gov. All press inquiries to the U.S. Attorney's Office should be directed to Assistant U.S. Attorney Matthew J. Jacobs at (415)436-7181.
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