A Florida resident, Paul Archer, has entered a guilty plea in U.S. District Court in Bangor to charges of tax evasion and bankruptcy fraud. Archer, 46, previously lived in Hampden and Orrington and ran a successful online marketing business specializing in software installation from 2013 to 2015.
Court documents reveal that an IRS audit conducted in 2016 resulted in the assessment of approximately $1 million in federal tax debt for Archer. In response, he attempted to evade payment by concealing assets through two LLCs under his control and using third-party bank accounts.
Between April 2018 and November 2019, Archer transferred and concealed assets via multiple bank accounts associated with Max Tune Up, LLC; Stealth Kit, LLC; as well as accounts held by his father and spouse. Specifically, he utilized a Stealth Kit, LLC account for receiving income through direct deposits and managing over $2 million via wire transfers. Additionally, Archer engaged with cryptocurrency platforms for fund transfers and moved an investment account into Stealth Kit's name to partake in trading activities.
In March 2019, when filing for Chapter 7 bankruptcy, Archer reported falsely underestimating his assets at less than $50,000. He omitted various financial interests including other asset holdings or business affiliations during proceedings with the U.S. Bankruptcy Court for the District of Maine.
Archer could face up to five years imprisonment along with fines reaching $250,000 per charge upon which he pleaded guilty. Sentencing will occur post-completion of a presentence investigation report conducted by the U.S. Probation Office with considerations based on U.S. Sentencing Guidelines.
The case was investigated by IRS Criminal Investigation alongside the FBI.
