United States Attorney
Northern District of Texas

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

Telephone (214) 659-8600
Fax (214) 767-0978

Granbury, Texas, Man Arrested on Charges in Federal Indictment for
Failing to File Federal Tax Return on Income of More Than $320,000

United States Attorney Richard B. Roper announced that Granbury, Texas, resident, Phil Loren Myers, was arrested by federal agents this morning at his residence in Granbury on charges outlined in a federal indictment that was returned by a federal grand jury in Fort Worth, Texas, last month. Myers made his initial appearance this afternoon before the Honorable Charles Bleil, United States Magistrate Judge, who released Myers on a personal recognizance bond. An arraignment date of January 18 has been set, before United States District Judge Terry Means, in U.S. District Court in Fort Worth, Texas..

The indictment charges Myers with two counts of failing to file his federal tax returns. One count of the indictment alleges that during calendar year 2001, Phil Loren Myers failed to file a return after receiving income of approximately $320,284.60. That income was derived as follows: $299,000 combined from three entities known as Alpha Equities, Grupo Greystone, and TXX-01; $11,411 from Prudential Securities; and $9,873.60 in taxable benefits from the United States Social Security Administration. Grupo Greystone is a company that was run by Ronald Lovelady, of Garland, Texas, in his scheme to promote a currency trading Ponzi scheme that he ran from December 2000 to June 2002. Lovelady was convicted and was sentenced in August to five years in federal prison and ordered to pay more than $10,000,000 in restitution to the victims of his crime.

The other count of the indictment alleges that during calendar year 2002, Myers received and failed to file a tax return declaring approximately $46,539.60 in gross income from the following sources: $25,000 from Response Equities; $11,411 from Prudential Securities; and $10,128.60 in taxable benefits from the United States Social Security Administration.

An indictment is an accusation by a federal grand jury and a defendant is entitled to the presumption of innocence unless proven guilty. However, if convicted on both counts of the indictment, Myers faces a maximum statutory sentence of two years in federal prison, without parole, and a $200,000 fine.

U.S. Attorney praised the investigative efforts of the Internal Revenue Service - Criminal Investigation. The case is being prosecuted by Assistant United States Attorney Phillip C. Umphres.

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