Former Fasterners, Inc. executive will serve 1 year, 1 day in prison for tax evasion

Former Fasterners, Inc. executive will serve 1 year, 1 day in prison for tax evasion
Copyright 2019 KXLY.com. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without prior permission.

A former executive of Fasteners, Inc. will serve one year and one day in prison for embezzling thousands of dollars in company funds.

William K. Jones will also spend three years under court supervision once he is released and will have to pay $403,087 in restitution to the IRS and another victim of his conduct.

Jones pleaded guilty to four counts of tax evasion in January this year.

Previously, Jones was the general business manager of Fasteners, Inc., where he worked for 16 years.

Court documents show it wasn’t until the sale of the company in 2015 that the owner became aware of over $310,000 in missing revenue.

Jones has been asked to pay $310,453 in restitution to Berkley North Pacific Insurance Company and the owner of Fasteners, Inc.

Additionally, Jones has been asked to pay $92,737 in restitution to the Internal Revenue Service for failing to report his income taxes over a 4-year span.

According to court documents, Jones believed the money he took was “well deserved.”

“Corporate executives, such as Jones, have a duty to not abuse their position of trust. They cannot divert monies from the corporation for their personal use and benefit and cannot manipulate the corporation’s internal books to conceal their actions,” said U.S. Attorney William Hyslop. “The vast majority of Americans file honest tax returns and pay their fair share of taxes every year. Those who may intentionally conceal their income from the IRS and evade taxes will be prosecuted and risk imprisonment, as reflected by Jones’ sentence.”

RELATED: Former executive of Fasteners, Inc. to be sentenced for tax evasion

RELATED: Spokane man pleads guilty to filing false tax return, concealing $1M held in offshore account