CONTRIBUTED BY USDOJ
Riordan A. Maynard, age 50 of Centennial, was found guilty of corruptly impeding the administration of tax laws, conspiracy to defraud the United States, conspiracy to steal or embezzle employee benefit plan and health care funds, and theft or embezzlement in connection with health care following a seven day jury trial before U.S. District Judge Christine M. Arguello. The federal jury returned its verdict on May 13.
According to court records and evidence presented at trial, Maynard served as the chief executive officer of two communications technology companies located in Denver, Colorado, Touchbase USA (TBUSA) and its successor company, Touchbase Global Services, Inc. (TBGSI). TBGSI offered a 401(k) savings plan to the employees of both TBGSI and TBUSA. Maynard conspired with a co-conspirator to steal funds that employees had directed TBGSI to withhold from their paychecks for 401(k) plans, and ultimately stole over $60,000 of 401(k) withholdings and used them for other TBGSI expenses.
TBGSI also claimed to offer a health care benefit program to TBGSI employees. Maynard was convicted of stealing over $50,000 in funds that employees had withheld from their paychecks for their health insurance plans. Maynard then failed to pay for health insurance coverage. By June 2017, TBGSI owed over $100,000 to the health insurance carrier, which then terminated coverage for the employees. Numerous employee health care claims were denied.
TBUSA and TBGSI were also required to pay payroll taxes to the IRS. From early 2012 through September 2017, Maynard corruptly impeded the IRS’s attempts to collect these taxes. Maynard closed TBUSA and reopened it as TBGSI to avoid paying more than $2.5 million in unpaid payroll taxes owed to the IRS. TBGSI then ran up an additional unpaid payroll tax liability of over $2 million. Maynard transferred funds from business accounts to Maynard’s personal account to avoid IRS levies. And he conspired with a co-conspirator to falsely tell TBGSI customers that IRS levies they had received were in error, in an effort to prevent customers from sending money to the IRS.
“We thank the jury for their service in this case and appreciate the care in which they sorted through each of the 26 counts and more than 400 exhibits,” said United States Attorney Jason Dunn. “Economic crimes such as this are complicated, but thanks to the hard work of our law enforcement partners and our prosecutors, the result in this case will bring justice for the employees who were cheated of their benefits, as well as for the taxpayers.”
Maynard is scheduled to be sentenced on Aug. 12.
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