CHICAGO - A former Illinois attorney withheld more than $137,000 in payroll taxes from his employees’ paychecks but failed to remit the money to the IRS, according to a criminal charge filed in federal court in Chicago.
ADAM TRACY, 43, of Wheaton, is charged with one count of willful failure to pay taxes to the IRS. Arraignment is set for Dec. 21, 2020, at 11:00 a.m., before U.S. District Judge Edmond E. Chang.
The charge was announced by John R. Lausch, Jr., United States Attorney for the Northern District of Illinois; and Tamera Cantu, Acting Special Agent-in-Charge of the IRS Criminal Investigation Division in Chicago. The government is represented by Assistant U.S. Attorney Matthew Getter.
According to a criminal information filed Tuesday in U.S. District Court in Chicago, Tracy operated Securities Compliance Group Ltd., a Wheaton-based law and consulting practice that also did business as “Clearing Link LLC," “Wabash Capital Advisors Ltd.," “Guanwei Recycling Corporation," and “The Tracy Firm. Ltd." From 2014 to 2018, Tracy’s company withheld $137,403.76 in payroll taxes from employees’ paychecks but willfully failed to pay the money to the IRS, the information states. For much of that time, the company also failed to file quarterly employment tax returns (Forms 941) with the IRS, the information states.
The public is reminded that an information is not evidence of guilt. The defendant is presumed innocent and entitled to a fair trial at which the government has the burden of proving guilt beyond a reasonable doubt. The tax charge is punishable by up to five years in prison. If convicted, the Court must impose a reasonable sentence under federal statutes and the advisory U.S. Sentencing Guidelines.
Source: U.S. Department of Justice, Office of the United States Attorneys
