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Developers sentenced for tax evasion

Published April 27, 2011 1:30 pm

This is an archived article that was published on sltrib.com in 2011, and information in the article may be outdated. It is provided only for personal research purposes and may not be reprinted.

Two Duchesne County developers charged with refusing to pay the state more than $3.1 million in taxes have been ordered to spend a year in jail and pay restitution for the crime.

Frank "Joe" Steed, 65, and his ex-wife, Joan A. Steed, 62, were arrested in 2008 by Utah State Tax Commission agents. The two were each charged in 3rd District Court with four second-degree felony counts of tax evasion, four third-degree felony counts of failure to render a proper tax return and one second-degree felony charge of pattern of unlawful activity.

The Steeds developed a 5,000-acre subdivision in Duchesne and received $20 million between 2003 and 2006, according to charging documents. The two took actions to evade their tax obligations by dealing in large amounts of cash, holding funds in third-party names and setting up multiple businesses in which large transfers occurred without apparent business purposes, charges state.

Judge Robin Reese this month ordered Frank Steed to a year in jail and six years of probation. He was ordered to pay fines and restitution in the amount of $10,122 plus interest, according to court documents. Joan Steed was ordered to 180 days in jail and six years of probation. She must pay a $140,298 fine. Her restitution includes amounts listed at $43,515, $88,289, $104,403, $42,107 and $2,281 — plus interest, according to court documents.

mrogers@sltrib.com