DENVER (CBS4) — A former Xcel Energy employee was sentenced Monday to pay more than $1 million restitution in addition to prison time after he and a colleague conspired to divert money illegally from the company and then hide the funds from the Internal Revenue Service.
Stephen Yobst, 64, of Denver, must repay $1,167,273 with more than $800,000 of it going to Xcel and the remainder to the IRS. The judge also handed Yobst a 27-month term in federal prison.
Yobst pleaded guilty last September to wire fraud, conspiracy to defraud the United States, theft of government funds, and filing false tax returns.
Yobst, a certified public accountant, and James Brittain formed a company in 2005 that then entered into a contract with Xcel. Yobst participated in contract negotiations as a representative of Xcel while Brittain represented the new company, Pacific Exchange Group.
“Beginning in 2005,” Friday’s press release from the Denver office of the United States Attorney General’s Office reads, “and continuing through approximately May 14, 2015, Yobst and Brittain worked together to divert, use and convert funds for their own personal benefit without Xcel’s authorization.”
Yobst and Brittain used the money for stock investments and personal items, including golf supplies, travel, cigars, and a new car for Yobst.
The two men not only hid their income from the IRS but also lied about it when Xcel sued their company in 2014 for unaccounted funds.
Brittain was sentenced in June of last year for wire fraud, aiding and abetting, and conspiracy to defraud the United States. He was ordered to serve 12 months and 1 day in prison and ordered to pay restitution totalling $1,021,310.
“IRS Criminal Investigation’s primary focus is the nation’s tax laws, however schemes like this not only involve our primary mission but also allows us to focus our abilities to unravel complex financial schemes,” said Andy Tsui, Special Agent in Charge, IRS Criminal Investigation Denver Field Office. “Our agents are uniquely qualified to follow the money in cases such as this because the victims are not only the taxpayers, but also individuals and entities who suffer the financial harm.”
Agents from the Federal Bureau of Investigation assisted the IRS investigation.
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June 21, 2020 at 02:15AM
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Former Employee Sentenced To Pay $1 Million After Defrauding Xcel - CBS Denver
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