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March 28, 2007

Walter Anderson, the telecom entrepreneur who pleaded guilty in the largest individual U.S. tax evasion case to date, received a nine-year prison sentence yesterday.

Mr. Anderson pleaded guilty to moving $450 million offshore to avoid taxes. Oddly, the sentencing judge declined to order restitution of the unpaid taxes, blaming a poorly-worded plea agreement. This requires the IRS to go through the civil court system in separate collection proceedings.

Given the size of the tax loss, Mr. Anderson could have gotten the maximum 10-year sentence requested by the government. He would have been eligible for a much longer sentence if he had been convicted of all charges in the initial indictment.


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