ALBANY – Two Elka Park men pled guilty in Albany federal court on Thursday to conspiring to evade taxes on income earned from stock sales.
Dennis Radcliffe, 51, and Kenneth Radcliffe, 49, who are cousins, each pled guilty to two conspiracies.
In one case, the two conspired to avoid taxes on personal income, by failing to report to the IRS several million dollars of income earned principally from sales of penny stocks, from 20124 through 2017.
The stock sales occurred in brokerage accounts the men controlled and which stood in the names of their companies Crackerjack Classics LLC and Universal Consulting LLC.
In the second conspiracy, they conspired with each other and with Joseph Radcliffe, Dennis’ father, to avoid taxes on approximately $500,000 in compensation that Crackerjack and Universal paid to Joseph, from 2013 through 2019.
When sentenced in August, Dennis and Kenneth Radcliffe each face up to five years in prison and a maximum of $250,000 fine.
Joseph Radcliffe, 76, of Ela Park, was sentenced in August 2022 to three years of probation, to spend four consecutive weekends in jail as a condition of his probation, and to pay over $109,000 in restitution to the IRS.
