Las Vegas NowFounder of Nevada Energy Drink Indicted
The found of the Nevada sports energy drink company, Xyience Incorporated, has been indicted on tax evasion charges. The company sells the sports energy drinks, including Xenergy, which is sold in 45,000 stores nationwide.
The Federal Grand Jury indicted Russell Pike for allegedly not paying taxes on nearly $7 million in income. Pike is charged with one court of Tax Evasion and also using nominees and a forward-dated stock sale agreement to conceal his income from the IRS.
According to the Greg Brower, the U.S. Attorney for Nevada, Pike listed his income for 2006 as $100,000 even though he sold 4 million shares of stock for $6.9 million.
If convicted, Pike could face up to five years in prison and a $250,000 fine.
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