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May 14, 2003 The United States Attorney's Office for the Northern District of California announced that Jane Yip pled guilty today to filing a false tax return. Ms. Yip, 41, of Fremont, California was indicted April 11, 2002 by a federal grand jury on two counts of filing false federal income tax returns for 1995 and 1996, in violation of Title 26 US Code, Section 7206(1). The grand jury then returned a Superseding Indictment alleging two additional counts of failure to file federal tax returns, as well as one count of aiding and abetting the willful failure to file a tax return, and one count of making a false statement to a government official. Under the plea agreement, Ms. Yip pled guilty to count three of the Superseding Indictment which charged her with filing a false personal income tax return for the year 1997. In pleading guilty, Ms. Yip admitted that between 1995 and 1997 she operated a number of businesses including Micro Access Computer, SII Marketing , Inc., ("SII") and"Supercell International Inc.," ("Supercell"). These business sold computer software and hardware. She further admitted that for the tax years 1995, 1996, and 1997 she underreported significant income from these businesses on the federal tax returns she filed with the Internal Revenue Service. With specific reference to count three of the Superseding Indictment, she admitted that in October, 1998, she willfully made and subscribed to a 1997 Form 1040X Federal Individual Income Tax Return, which was verified by a written declaration that it was made under the penalties of perjury, and was filed with the Director, Internal Revenue Service Center, at Fresno, California. That Form 1040X was false in that 1) it reported total income of $121,150 and 2) it reported the total tax to be $19,908, whereas at the time she filed the return she knew that her income exceeded $900,000 and that the total tax was well in excess of $19,908. Ms. Yip agreed that in fact her unreported income was $915,912.75 on which a tax of $349,250.93 was due and owing. Ms. Yip agreed that for criminal purposes, she owed at least $730,191 in restitution to the IRS, exclusive of interest and penalties. The sentencing of Ms. Yip is scheduled for September 23, 2003 at 10:00 a.m. before Judge Saundra Brown Armstrong in Oakland. The maximum statutory penalty for each count in violation of 26 U.S.C. § 7206(1) is three number of years and a fine of $100,000 plus restitution and costs of prosecution.. However, the actual sentence be dictated by the Federal Sentencing Guidelines, which take into account a number of factors, and will be imposed in the discretion of the Court. The prosecution is the result of an extensive investigation by agents of the Internal Revenue Service. Mark N. Zanides is the Assistant U.S. Attorney who prosecuted the case with the assistance of Tom Moulder. 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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