CLEVELAND, Ohio (AP) – A Cleveland-area businessman accused in federal court of bankrolling a luxurious lifestyle by not paying more than $600,000 in federal income taxes has pleaded guilty.
The Plain Dealer reports that Thomas Klocker admitted to tax evasion on Monday.
Federal authorities say Klocker diverted money from his metals business in Westlake to pay for an expensive waterfront home, world travel and to maintain his 68-foot yacht called “Tommy Time.” Authorities say Klocker took improper business write-offs and failed to report $2 million in income from 2007 through 2010.
The 47-year-old Lakewood man and federal prosecutors have agreed to suggest he serve between two and two-and-a-half years in prison.
Klocker’s sentencing is scheduled for August. He remains free on bond.
Klocker’s attorney, Richard Blake, says his client’s business interests were legitimate.
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