A federal jury in Atlanta has convicted a precious metals dealer of tax evasion and failing to file tax returns.
Saleem Hakim, 54, is scheduled for sentencing April 30, according to a press release from the U.S. Department of Justice. He faces a maximum penalty of five years in prison for each tax evasion charge and one year in prison on each failure to file charge.
More from the release:
According to court documents and evidence introduced at trial, from 2011 through 2013, Hakim brokered the sale of precious metals to his clients. Hakim earned more than $1 million in commissions from the sales, which enabled him to fund a lavish lifestyle that included purchases of high-end watches, jewelry, designer accessories and furs. Despite earning substantial income, he did not file income tax returns for tax years 2011 through 2013.
The evidence introduced at trial also showed that from 2020 through 2022, Hakim and his wife worked for businesses in Atlanta that bought and sold jewelry and luxury handbags. The Hakims earned a combined income of more than $260,000 for those years yet did not file tax returns. The evidence established that Hakim attempted to hide his and his wife’s income from the IRS by diverting his income into a trust that he established after being initially charged with tax crimes for tax years 2011 through 2013.
In addition, Hakim attempted to obstruct the investigation into his tax misconduct for 2020 through 2022. A witness testified that after he received a grand jury subpoena for records relating to income that the witness paid to Hakim and his wife, Hakim drafted a letter for the witness falsely stating he did not have any business records in his possession relating to the Hakims and asked the witness to send the letter. The witness sent the letter to federal prosecutors and IRS agents.
Sentencing is scheduled for April 30. Hakim faces a maximum penalty of five years in prison for each tax evasion charge and one year in prison on each failure to file charge. He also faces a period of supervised release, restitution and monetary penalties. A federal district court judge will determine any sentence after considering the U.S. Sentencing Guidelines and other statutory factors.
Acting Deputy Assistant Attorney General Stuart M. Goldberg of the Justice Department’s Tax Division made the announcement.
IRS Criminal Investigation is investigating the case.
Trial Attorneys Melissa S. Siskind and Colleen McCarthy of the Justice Department’s Tax Division prosecuted the case. Paralegal Robert Resto of the Tax Division assisted at trial. Acting Deputy Assistant Attorney General Goldberg also thanked the U.S. Attorney’s Office for the Northern District of Georgia for the substantial assistance they provided in the investigation and prosecution of this matter.
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