U.S. Department of Justice

Marcos Daniel Jiménez
United States Attorney for the
Southern District of Florida
 
99 N.E. 4 Street
Miami, FL 33132
(305) 961-9001

PRESS RELEASE

FOR IMMEDIATE RELEASE
For Information Contact Public Affairs
January 15, 2003 Jacqueline Becerra, Acting Special Counsel for Public Affairs, (305) 961-9243
 
Marjorie M. Selige, Public Affairs Specialist, (305) 961-9048

CO-OWNER OF BENSON LIGHTING PLEADS GUILTY TO TAX EVASION

Marcos Daniel Jiménez, United States Attorney for the Southern District of Florida, and Lorraine Johnson, Acting Special Agent in Charge, Internal Revenue Service, Criminal Investigation, announced today that on January 14, 2002, Richard Cole, age 65, co-owner of Benson Lighting, located in South Dade, appeared before United States District Court Judge K. Michael Moore, and entered a plea of guilty to a one-count information charging Cole with tax evasion. The information charges that Cole, acting as President of Tri-Continental Enterprises, Inc., attempted to evade income tax owed by that corporation for the fiscal year ending March 31, 1995. The total tax loss in connection with the offense was $176,678.

In 1990, Cole established an account at Guardian Bank & Trust in the Cayman Islands. Cole also purchased Niric, Inc, a shell corporation, from Guardian. During the years 1990 through 1994, Cole deposited over $800,000 worth of Tri-Continental checks into the Niric account at Guardian. Cole caused Tri-Continental to deduct the amount of those checks on its returns as Cost of Goods Sold, despite that being untrue.

Sentencing is scheduled for April 14, 2003, at 9:00 a.m., before Judge Moore. The crime of tax evasion carries a maximum term of imprisonment of up to five years and a fine of up to $250,000.

Mr. Jiménez commended the investigative efforts of the Internal Revenue Service, Criminal Investigation. This case is being prosecuted by Hugo Black III of the Economic Crimes Section.

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