Wednesday, October 31, 2001

Consultant charged with tax fraud

By Dan Horn
The Cincinnati Enquirer

        A Hamilton financial consultant pleaded not guilty Tuesday to charges of defrauding the government and filing false tax returns for clients.

        Nancy L. Wallace, 54, faces more than 40 years in prison if she is convicted of a conspiracy charge and 12 other counts of assisting in the preparation of false tax returns.

        She also faces more than $3 million in fines.

        Officials at the Internal Revenue Service said Ms. Wallace committed some of the offenses while she was on parole for embezzling money from a pension fund in 1994.

        The indictment against Ms. Wallace describes her as a management consultant and tax preparer who represented several wealthy clients in the Hamilton area.

        According to the U.S. Attorney's office, Ms. Wallace filed false returns for clients from 1994 to 1997.

        She is accused of conspiring to reduce tax payments for clients by creating false or inflated invoices for her services.

        She also is accused of disguising her clients' investments with her as deductible business expenses.

        Ms. Wallace entered the not guilty plea in U.S. District Court. She was released on a $5,000 bond and placed on electronic monitoring to ensure she would not leave the Hamilton area.


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