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John Durham, the United States Attorney for the District of Connecticut announced the sentencing of Eddie Chan, 58, who will be subject to five years probation and must pay approximately $500,000 in restitution for his former employer following a guilty plea for filing false tax returns last year.
Chan was employed at a private art firm in Manhattan, according to court records, and between 2013 and 2015, he withdrew funds from the business without authorization for personal use and ultimately failed to disclose a total of $271,166 to the IRS, which resulted in a $78,214 loss for the federal organization.
Chan admitted that he misappropriated additional funds from his former employer, and also borrowed thousands of dollars from other individuals, and used much of the money to gamble on horse racing, according to Durham. He pleaded guilty to one count of making a false statement on a federal tax return on Oct. 26 last year.
As part of his sentence, Chan was ordered by the judge to pay approximately $500,000 in restitution to his former employer, and to cooperate with the IRS to pay all outstanding taxes, interest and penalties.
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