Xyience Founder Russell Pike Indicted for Tax Evasion
Russell Pike, the founder of Xyience, has been indicted on federal tax evasion charges. The charges are from the 2006 fiscal year, when Pike didn’t file a 1040 with the government. He reportedly made over 6.9 million dollars, in a sale of Xyience stock.
According to Unlimitedfightnews.com:
Pike was released on his own recognizance Wednesday evening in Las Vegas after being indicted by the IRS for Tax Evasion. The indictment comes on the heels of over a year of investigation led by IRS
Agent Adam Steiner
The charges stem from Fiscal year 2006, a year in which Xyience’s losses were staggering. According to the indictment, Pike “sold over 4,400,000 shares of his Xyience stock and received in excess of $6,900,000.00” that year. Though sources close to Pike report that he has been trying to work out the tax issues with attorneys and that the charges are trumped up, one fact is not in dispute: Pike never filed a 1040 for 2006.
If convicted, Pike could face a fine of up to $250,000 and up to 5 years in federal prison.