Posted: Dec 19, 2013 1:35 PM by The Associated Press
Updated: Dec 19, 2013 2:01 PM
ST. LOUIS (AP) - A suburban St. Louis venture capitalist has been sentenced to five years in prison for tax evasion that cost the government millions of dollars.
The sentence for 50-year-old Burton Douglas Morriss of Creve Coeur was handed down Thursday in U.S. District Court in St. Louis. He pleaded guilty to felony tax evasion in August.
Morris must also pay the tax money he owes - nearly $5.6 million.
Federal prosecutors say that 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.