Missouri Venture Capitalist Pleads Guilty to Tax Fraud
ST. LOUIS (AP) - A 50-year-old Creve Couer venture capitalist pleads guilty to felony tax evasion over millions in undeclared income.
Federal prosecutors say Burton Douglas Morriss owes more than $5.5 million for income earned between 2006 and 2009. He pleaded guilty Monday in U.S. District Court and awaits sentencing.
Morriss used limited liability companies in his mother's name to claim $18.1 million in losses in 2007. Those claims came after his mother previously filed the same passive income losses. He also admitted to evading millions more in taxes on income from his venture capital companies over the next several years.
He faces up to five years in prison and a $100,000 maximum fine, along with mandatory restitution. The federal Securities and Exchange Commission recently banned Morriss from working as a securities officer.