Washington's John Yin allegedly sold point-of-sale systems with revenue suppression software, incurring government monetary loss of $3.4 million.
A Washington state man has pleaded guilty to wire fraud for selling revenue-suppression software (RSS) to hospitality and retail businesses for tax evasion purposes in a scam that cost the US government more than $3.4 million.
The US Department of Justice (DoJ) says John Yin sold a software program called Tax Zapper that allowed users to portray inaccurate sales figures, thus lowering their tax obligations.
According to DoJ, Yin illegally sold point-of-sale (POS) systems with inbuilt RSS for Canadian company Profitek. The RSS modified the business POS database, allowing it to under-report sales figures. Prosecutors say eight Seattle restaurants used the RSS between 2010 and 2013, resulting in a loss in taxes of up to $910,000.
Yin will pay restitution of $3,445,589. Sentencing will be in February 2017.
For more, see the DoJ release.
About the Author(s)
You May Also Like
Guarding the Cloud: Top 5 Cloud Security Hacks and How You Can Avoid Them
April 4, 2024Cybersecurity Strategies for Small and Med Sized Businesses
April 11, 2024Defending Against Today's Threat Landscape with MDR
April 18, 2024Securing Code in the Age of AI
April 24, 2024
Black Hat USA - August 3-8 - Learn More
August 3, 2024Cybersecurity's Hottest New Technologies: What You Need To Know
March 21, 2024Black Hat Asia - April 16-19 - Learn More
April 16, 2024