Former Maui Man Gets 2 Year Sentence for Tax Evasion
By Wendy Osher
A former Maui County resident was sentenced in federal court yesterday to 24 months in prison for tax evasion.
Michael Eric Stewart, 73, was also ordered to pay $476,265 in restitution to the Internal Revenue Service, according to the US Department of Justice.
According to court documents, Stewart earned income from soliciting mortgage loans from 2001 to 2006 through Infinity Mortgage of Maui, a company which he owned and operated.
He was accused of tax evasion, and failing to pay more than $476,000 in taxes for the unclaimed years.
The indictment also alleged that he transferred income earned through his mortgage business into the bank account of a nominee entity established in Nevada. According to the indictment, Stewart also allegedly transferred $788,000 into the Nevada entity’s bank account, eventually transferring over $345,000 into his Hawaii bank account, from which, according to the plea agreement, he wrote checks totaling $280,000 payable to himself or cash, justice department officials said.
According to the indictment, Steward moved to Panama City, Panama in 2008.