Owner And Operator Of Charlotte Area Laundromats Pleads Guilty To Tax Evasion
CHARLOTTE, N.C. – The owner and operator of Charlotte-area laundromats pleaded guilty to tax evasion today, announced Jill Westmoreland Rose, Acting U.S. Attorney for the Western District of North Carolina. Teng Lor, 55, of Matthews, N.C., appeared before U.S. Magistrate Judge David S. Cayer and admitted to concealing from the Internal Revenue Service (IRS) significant personal earnings derived from his businesses, “T&C Equipment, Inc.” (T&C Equipment) and “LOR Enterprises, Inc.” (LOR Enterprises).
Thomas J. Holloman, III, Special Agent in Charge of the Internal Revenue Service, Criminal Investigation Division (IRS-CI) joins Acting U.S. Attorney Rose in making today’s announcement.
According to the filed court documents and today’s plea hearing, between tax years 2010 and 2012, Lor deposited cash receipts from the two businesses totaling over $1.5 million into his business and personal bank accounts. Court records show that the deposits were structured to avoid the filing of currency transaction reports. According to court records, during the relevant time period, Lor failed to disclose or provide records from all of the bank accounts to his tax return preparer. Court records indicate that for tax years 2010 through 2012, T&C Equipment and LOR Enterprises earned additional gross receipts totaling approximately $744,162 that Lor failed to report on the corporate tax returns filed with the IRS. As a result of the unreported gross receipts, Lor had additional taxable income of $544,261. Court records show that for the same tax years, Lor also failed to report all of his income on his individual state income tax returns.
Lor pleaded guilty to one count of tax evasion. The charge carries a maximum penalty of five years in prison and a $250,000 fine. As part of today’s plea agreement, Lor has agreed to pay restitution, the amount of which will be determined by the Court at Lor’s sentencing hearing, which has not been scheduled yet. Lor was released on bond following his plea hearing.
The investigation of the case was handled by IRS-CI. The case is being prosecuted by Assistant United States Attorney Jenny G. Sugar of the U.S. Attorney’s Office in Charlotte.