Albuquerque Businessman Pleads Guilty to Federal Tax Evasion Charge
Former Owner of Sneakerz, Inc., an Albuquerque Sports Bar and Restaurant, Admits Evading More than $1 Million in Federal Taxes
ALBUQUERQUE – James E. Coleman, Jr., the former president and owner of Sneakerz, Inc., a corporation that operated “Sneakerz Sports Bar” in Albuquerque, N.M., pleaded guilty this morning in federal court to a tax evasion charge, announced U.S. Attorney Damon P. Martinez and Ismael Nevarez Jr., Special Agent in Charge of the Phoenix Field Office of IRS Criminal Investigation.
Coleman, 58, was charged in Nov. 2014, in a four-count indictment alleging tax evasion and subscribing false tax returns charges. Counts 1 and 2 charged Coleman with evading $166,320.00 in federal corporate taxes in calendar years 2008 and 2009 by filing false tax returns that underrepresented his corporation’s taxable income. Count 1 charged Coleman with evading $90,661.00 in federal taxes by falsely claiming that his corporation had $621,064.00 in taxable income in calendar year 2008 despite knowing that the corporation had $886,128 in taxable income for that year. Count 2 charged him with evading $75,659.00 in federal taxes by falsely claiming that his corporation had $731,581.00 in taxable income in calendar year 2009 despite knowing that the corporation had $932,235.00 in taxable income for that year. Counts 3 and 4 charged Coleman with filing individual tax returns for calendar years 2008 and 2009 that falsely reported that Coleman received no dividend income and no business income during those two calendar years.
During today’s proceedings, Coleman pled guilty to Count 1 of the indictment and admitted evading a total of $1,045,939.00 in federal corporate and personal taxes between calendar years 2002 and 2009. In his plea agreement, Coleman acknowledged underrepresenting Sneakerz’s gross receipts to the IRS with the intention of evading his corporate tax liability. He also admitted falsely underrepresenting the income he derived from Sneakerz on his personal tax returns.
At sentencing, Coleman faces a maximum statutory penalty of five years in federal prison. Coleman also will be subject to an order requiring that he pay restitution in an amount to be determined by the court.
This case was investigated by the Albuquerque office of IRS Criminal Investigation and is being prosecuted by Assistant U.S. Attorney Jeremy Peña.