Georgia Precious Metals Dealer Sentenced to 4 Years for Tax Fraud

Saleem Hakim, a Georgia-based precious metals dealer, was sentenced to four years in prison for tax evasion and failing to file tax returns. This sentencing follows his conviction in January.

Court documents and trial evidence revealed that from 2009 through 2013, Hakim brokered the sale of precious metals to clients, earning over $2.8 million in commissions. He used this income to fund a lavish lifestyle, purchasing high-end watches, jewelry, designer accessories, and furs. Despite his substantial earnings, Hakim did not file income tax returns during these years, with his last filed return being for the 1999 tax year.

Additionally, between 2020 and 2022, Hakim and his wife worked for businesses in Atlanta that dealt in jewelry and luxury handbags, earning a combined income of more than $260,000. They did not file tax returns for these years either. Hakim attempted to hide their income by diverting it into a trust he established after initially being charged with tax crimes for 2011 through 2013.

Hakim also tried to obstruct the investigation into his tax misconduct from 2020 through 2022. After a witness received a grand jury subpoena for records related to income paid to Hakim and his wife, Hakim drafted a false statement for the witness to claim no possession of relevant business records. The witness sent this letter to federal prosecutors and IRS agents.

In addition to his prison sentence, U.S. District Judge Michael L. Brown ordered Hakim to serve three years of supervised release and pay $1,219,225.73 in restitution to the IRS, along with $4,490.52 in prosecution costs.

Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division made the announcement, highlighting the role of IRS Criminal Investigation in the case. Trial Attorneys Melissa S. Siskind and Colleen McCarthy of the Justice Department’s Tax Division prosecuted the case. Goldberg also thanked the U.S. Attorney’s Office for the Northern District of Georgia for their substantial assistance, along with Trial Attorney Christina Grimes and former Trial Attorneys Jeffrey Bender and Kathryn Carpenter of the Tax Division for their earlier work on the case.

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This article, "Georgia Precious Metals Dealer Sentenced to 4 Years for Tax Fraud" was first published on Small Business Trends