ALBANY, N.Y. (NEWS10) — Two Elka Park men pleaded guilty on Thursday to conspiring to evade taxes on income they earned from stock sales. Dennis Radcliffe, 51, and Kenneth Radcliffe, 49, each of Elka Park, will face up to 5 years in prison when they are sentenced this August.
Dennis and Kenneth Radcliffe, who are cousins, each admitted to two conspiracies. In the first, they failed to report millions of dollars they earned from penny stocks to the IRS. The money was earned from 2014 through 2017, according to court documents.
The stock sales occurred in brokerage accounts that the duo controlled, which stood in the names of their companies Crackerjack Classics LLC and Universal Consulting LLC.
In the second conspiracy, Dennis and Kenneth Radcliffe conspired with each other and with Joseph Radcliffe, Dennis’ father, to avoid taxes on around $500,000 in compensation that Crackerjack and Universal paid to Joseph. That happened from 2013 through 2019, the documents stated.
On top of the possible five-year prison sentence, the duo will face a fine of up to $250,000. Dennis Radcliffe has agreed to pay $77,552 in restitution to the IRS, and Kenneth Radcliffe has agreed to pay an additional $152,274 in restitution.
Joseph Radcliffe, 76, of Elka Park, was sentenced in August 2022 to three years of probation, along with four consecutive weekends in jail. He also paid $109,106 in restitution to the IRS.
The Internal Revenue Service investigated this case. It is being prosecuted by Assistant U.S. Attorney Michael Barnett.