A 76-year-old Camarillo man was sentenced to five years in prison for not paying taxes on money connected to a Ponzi scheme.
William H. Nurick was convicted in September 2011 of evading payment of more than $150,000 in taxes following a five-day trial in U.S. District Court in Los Angeles.
Nurick received $1.1 million in distributions from the Genesis Fund between 1995 and 2002. During the trial evidence was presented showing Nurick had deliberately concealed the money he received from the fund so as to avoid taxes, according to a release from the U.S. Justice Department.
The Genesis Fund was described by the defendants as trading in foreign currency with no requirement to report to the IRS, the Justice Department said.
Eight other defendants charged in the case pleaded guilty to charges including tax fraud, obstruction of justice and securities violations.
In addition to the prison sentence, Nurick was ordered to pay $286,443 in restitution.
Mark R. Madler