U.S. Department of Justice

United States Attorney
Northern District of Texas

1100 Commerce St., 3rd Fl.
Dallas, Texas 75242-1699

 
 

 

Telephone (214) 659-8600
Fax (214) 767-0978
 
FOR IMMEDIATE RELEASE
DALLAS, TEXAS
CONTACT: 214/659-8707
MARCH 8, 2002
   

EXCLUSIVE BOAT DEALERSHIP OWNER PLEADS GUILTY TO FEDERAL CHARGE


United States Attorney Richard H. Stephens announced that James Allen (Jim) McKean, age 60, of Mabank, Texas, pled guilty today in federal court to a one-count Information that charged him with failing to file an IRS Form 8300, in violation of Title 26,United States Code, Sections 6050I and 7203. IRS Form 8300 is a "Report of Cash Payments over $10,000 Received in a Trade or Business" form and must be filed with the Internal Revenue Service whenever, in the course of business, an exchange of more than $10,000 in U.S. currency occurs.

James Allen McKean, along with his son, Jonathan Sean McKean, own and operate International Boating Center, Inc. (IBC), a high-dollar boat dealership with locations in Mabank, Texas and on Stemmons Freeway in Dallas. IBC is the regional representative for Baja Boats, high-end "cigarette" boats that are usually priced at more than $100,000. Jonathan Sean McKean works at the Dallas location, while James Allen McKean oversees the Mabank store. Jonathan Sean McKean has pled guilty and been sentenced on similar charges regarding accepting cash for boat purchases and not filing the requisite forms with the IRS.

According to papers filed in court, James Allen McKean admitted that on May 18, 1999, a customer named Daniel Vargas, purchased a boat from IBC for $121,112.50. Vargas paid for the boat by using a credit card for approximately $2,100 and paying the remainder in cash. McKean admitted that he was aware of his obligation to file an IRS Form 8300, since this was a transaction in which he received more than $10,000 in currency, but knowingly and willfully failed to do so.

McKean will be sentenced on May 25, 2002 by the Honorable United States District Judge Sidney A. Fitzwater. He faces a statutory maximum term of imprisonment of five years and a $250,000 fine.

The case was investigated by Special Agents of the Internal Revenue Service - Criminal Investigation (IRS-CI), Dallas Field Office and the Federal Bureau of Investigation. Assistant United States Attorney Jody L. Rudman is prosecuting the case.

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