Date: Nov. 13, 2024 Contact: newsroom@ci.irs.gov Greenbelt, MD — A Maryland man who owns a retail store pleaded guilty to evading his income taxes by not reporting cash taken from his business. The guilty plea was announced by U.S. Attorney for the District of Maryland Erek L. Barron and Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division. According to court documents and statements made in court, for over twenty years, William M. Bundy of District Heights owned and operated Bab’s Inc., a store located in District Heights, Maryland, that only accepted cash payments. From 2017 through 2021, Bundy received wages from Bab’s but also took cash from the business without reporting that cash as income on his tax returns. He used the cash for personal expenditures, including gambling. Over a five-year period, Bundy gambled and lost over $3 million at two Maryland-area casinos, funded in part by $2.2 million in cash from Bab’s. In total, for the years 2017 through 2021, Bundy owes federal income taxes of $672,558. Bundy is scheduled to be sentenced on February 21, 2025. He faces a maximum of five years in prison. He also faces a period of supervised release, restitution, and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors. United States Attorney Erek L. Barron commended the IRS Criminal Investigation (IRS-CI) for their work in the investigation. Mr. Barron thanked Assistant U.S. Attorney Coreen Mao and Trial Attorney Michael C. Vasiliadis of the Tax Division who are prosecuting the federal case. IRS-CI is the criminal investigative arm of the IRS, responsible for conducting financial crime investigations, including tax fraud, narcotics trafficking, money-laundering, public corruption, healthcare fraud, identity theft and more. IRS-CI special agents are the only federal law enforcement agents with investigative jurisdiction over violations of the Internal Revenue Code, obtaining a more than a 90 percent federal conviction rate. The agency has 20 field offices located across the U.S. and 12 attaché posts abroad.
