Seattle – A Seattle real estate owner, Steven T. Loo, 69, was convicted in U.S. District Court of six counts of tax evasion and six counts of making false tax returns. Acting U.S. Attorney Teal Luthy Miller announced the conviction. Loo is scheduled for sentencing by U.S. District Judge Lauren King on October 9, 2025.
Court records and trial testimony revealed that Loo owned and operated multiple commercial real estate properties in western Washington and California. He employed property management companies to handle these properties, directing them to send profits to two bank accounts he controlled. Loo used these funds for personal benefit and reinvested in various businesses without declaring over $4.7 million as income on his tax returns. To hide this income from the IRS, he utilized shell companies and repeated fund transfers.
During the trial, evidence showed that income from eight properties managed by Loo through limited liability companies (LLCs) was funneled into bank accounts linked to two inactive entities established in Washington in 1999. This income was not reported to the IRS nor disclosed to his tax return preparer.
Assistant United States Attorney Sean Waite stated during closing arguments: “Mr. Loo was strategic - he was deceptive – and he was incredibly profitable…. This isn’t a mistake... It’s criminal.” The jury deliberated for about seven hours before delivering a guilty verdict on all charges against Loo.
Each count of tax evasion carries a maximum penalty of five years imprisonment, while making a false tax return is punishable by up to three years imprisonment. Judge King will determine the final sentence after reviewing sentencing guidelines and other factors.
The Internal Revenue Service Criminal Investigation (IRS-CI) conducted the investigation into this case, which is being prosecuted by Assistant United States Attorneys Mike Dion and Sean Waite for the Western District of Washington along with Trial Attorney Regina Jeon from the Department of Justice Tax Division.
