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Justice News

Department of Justice
U.S. Attorney’s Office
Western District of Tennessee

FOR IMMEDIATE RELEASE
Wednesday, August 10, 2016

Former Financial Broker Sentenced for Obstructing IRS Laws, Ordered to Pay More Than $848,000 in Restitution

Memphis, TN – A Germantown man has been sentenced to federal prison for obstructing IRS laws, and is ordered to pay more than $848,000 in restitution. Edward L. Stanton III, U.S. Attorney for the Western District of Tennessee, announced the sentence today.

According to information presented in court, John Ballard, 47, of Germantown, Tennessee, was a former securities/investment broker for NFP Securities. Ballard failed to file and pay income tax returns from 2000 to 2008. Ballard’s delinquency caused him to owe more than $848,000 in back taxes.

By falsely claiming to the Internal Revenue Service (IRS) that he was unemployed and unable to find employment, Ballard was able to avoid satisfying his tax obligations.

Despite owing the government, Ballard was paid approximately $522,140.79 in 2009 alone from his then-employer NFP Securities.

In April 2016, Ballard pleaded guilty before U.S. District Judge Sheryl H. Lipman to one count of obstruction of IRS laws.

On Tuesday, August 9, 2016, Judge Lipman sentenced Ballard to 18 months in federal prison. Following his release, Ballard will be required to serve three months at a halfway house. He has also been ordered to pay more than $848,000 in restitution to the IRS.

This case was investigated by IRS-Criminal Investigation.

Assistant U.S. Attorney Damon K. Griffin prosecuted this case on the government’s behalf.

Topic(s): 
Financial Fraud
Updated August 10, 2016