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January 16, 2003 The United States Attorney's Office for the Northern District of California announced that Fred S. Pang was sentenced yesterday to two years in prison for tax evasion, filing false tax returns and unlawfully structuring cash transactions to evade reporting requirements. The sentence was handed down by U.S. District Court Judge Phyllis Hamilton following a six-day federal jury trial in San Francisco on four counts of tax evasion in violation of Title 26, Section 7201; 4 counts of filing a false tax return in violation of Title 26, Section 7206(1); and 5 counts unlawfully structuring currency transactions in violation of Title 31, Section 5324(a)(3). Mr. Pang, 59, of Hillsborough, California, was charged by the United States Attorney in a criminal information on September 10, 2001. He was charged with structuring a series of transactions at the Bank of Canton in San Francisco, by making cash deposits in amounts less than $10,000, representing a portion of his customers' cash payments of $20,000 or more. He was also charged with willfully attempting to evade income tax due and owing by him by signing and filing false and fraudulent joint U.S. Individual Income Tax Returns, Form 1040s, which were filed with the Internal Revenue Service, stating an amount of tax was due to the United States when he knew his joint taxable income was substantially in excess of that stated on his 1994, 1995, 1996, and 1997 tax returns and that substantial additional tax was due for each of those years. The defendant was also charged with willfully filing and knowingly making and subscribing joint U.S. Individual Income Tax Returns for the 1994, 1995, 1996, and 1997 years, which were filed with the Internal Revenue Service and verified by the defendant in written declarations that they were made under the penalties of perjury. The jury, after deliberating an hour and a half, found the defendant guilty on all counts. Judge Phyllis Hamilton sentenced the defendant to two years in federal prison, a fine of $5,000, as well as a three year period of supervised release. The prosecution was the result of a two-year investigation by special agents of the IRS Criminal Investigation division. Thomas Moore is the Assistant U.S. Attorney who prosecuted the case with the assistance of Kathy Tat. A copy of this press release may be found on the U.S. Attorney's Office's website at www.usdoj.gov/usao/can. Related court documents and information may be found on the District Court website at www.cand.uscourts.gov or on http://pacer.cand.uscourts.gov. All press inquiries to the U.S. Attorney's Office should be directed to Assistant U.S. Attorney Matthew J. Jacobs at (415)436-7181.
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