If you steal $1.5 million, the IRS still wants you to report that as income

This story starts with Pompano Beach’s Majestic Jet, a company that bought and sold aircraft, hiring Timothy Beverley in Febuary 2010 and giving him signature authority on the company’s bank accounts. This happened after Beverley finished his federal prison sentence for wire fraud and before he paid the $18 million in restitution from that case.

This story ends, predictably, with Beverley being found guilty Tuesday by a federal court jury of filing fraudulent tax returns, wire fraud and filing false reports with the U.S. Probation Office.

Part of the reason the Probation Office reports were false and the tax returns were fraudulent, the Justice Department says — Beverley didn’t report the $1.5 million he embezzled as income.

Beverley will be sentenced Jan. 5.

The indictment summarizes part of Beverley’s embezzlement scheme worked until he left Majestic Jet’s employ in March 2013:

Beverley would divert his commission payments into corporate bank accounts. He’d write checks and transfer funds from Majestic Jet’s account to pay personal expenses, such as rent and boat maintenance or to purchase aircraft. Then, he’d resell the planes and pocket some or all of the commission.