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Greene County residents Dennis Radcliffe, age 52, and Kenneth Radcliffe, age 50, both of Elka Park, were sentenced to six months behind bars in Albany federal court on Thursday, Dec. 14.
It followed their guilty plea to two conspiracies, the first of which involved avoiding taxes by not reporting several million dollars of income from the sales of penny stocks between 2014 and 2017.
The stock sales occurred in brokerage accounts they controlled under the names of their companies, Crackerjack Classics LLC and Universal Consulting LLC.
The Radcliffes also admitted to conspiring with Dennis’ father, Joseph Radcliffe, to dodge taxes on nearly $500,000 in compensation that Crackerjack and Universal paid Joseph between 2013 and 2019.
At the time, Joseph Radcliffe, a former Wall Street stockbroker, was evading more than $1 million in taxes that he owed to the US Securities and Exchange Commission (SEC) after settling fraud allegations, prosecutors said.
In court Thursday, US District Court Judge Glenn Suddaby ordered Dennis Radcliffe to pay $77,552 in restitution to the IRS and ordered Kenneth Radcliffe to pay an additional $152,274 in restitution.
Both men must also pay a $40,000 fine.
During sentencing, Suddaby noted that both men “come from good people” and had no excuse for their conduct.
“This is just all about greed – pure, unadulterated greed,” he said.
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