Bangor Court Sentences Florida Man For $1M In Tax Fraud

A Florida man, who once lived in Bangor, is going to prison for allegedly evading approximately a million dollars in taxes.

Florida Man Sentenced in Maine for Evading Approximately $1M in Taxes

Paul Archer, 46, formerly of Hampden and Orrington, is sentenced to 24 months in prison and 3 years of supervised release.

Archer ran a profitable online marketing business for software installation on computers. According ot the United States Attorney's Office, District of Maine, the company earned several million dollars from 2013 through 2105.

READ MORE: Maine Ranks as 5th Least Vulnerable State for Identity Theft

An IRS audit in 2016 assessed a tax debt of approximately $1 million for all of those years.

Maine Courts State That Florida Man Used Multiple Bank Accounts to Hide Assets

Court documents state that Mr. Archer concealed and transferred assets through two LLCs that he controlled, and began using third-party bank accounts to evade paying the tax debt, under names like Max Tune UP, LLC and Stealth Kit LLC. He also opened accounts in the names of his father and spouse.

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In the case of Stealth Kit LLC, for example, Archer received income via direct deposits, initiated and received over $2 million in wire payments, and used cryptocurrency trading platforms and online payment systems to transfer funds.

Florida Man Sentenced in Maine Court for Using Bitcoin, Other Methods to Hide Assets

He transacted in Bitcoin, using two different cryptocurrency exchanges, and purchased and later traded several hundred thousand dollars in cryptocurrency.

In 2019, Archer filed for Chapter 7 bankruptcy, claiming less than $50,000 in assets, a single checking account, no other assets or property interests, no recent asset transfers, and no connections to any businesses or memberships in any LLCs.

He repeated these claims under oath during meetings with creditors in the U.S. Bankruptcy Court.