PROVIDENCE, R.I. (AP) - A Rhode Island dentist has pleaded guilty to failing to pay taxes on up to $1.2 million payments.
Federal prosecutors say 72-year-old Lawrence Stephenson, who lives in Lincoln and has a practice in North Providence, pleaded guilty this week to tax evasion charges.
Prosecutors say as early as 2011, he began diverting a portion of his practice’s business receipts by depositing checks from insurance carriers and patients into a personal bank account.
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He then made withdrawals from the personal account and transferred them to other banks and investment accounts he owned, and to pay personal expenses.
Authorities say in 2013 alone, Stephenson underreported his income to the IRS by more than $320,000.”
Sentencing is scheduled for Oct. 12.
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