Seattle Real Estate Owner Convicted Tax Evasion Hides $4.7M

Steven T. Loo, a 69-year-old Seattle real estate owner, was convicted by a federal jury of six counts of tax evasion and six counts of making false tax returns for concealing over $4.7 million in income derived from multiple commercial properties he controlled in Washington and California. Loo directed property management companies to channel profits into accounts he controlled and used shell companies and repeated transfers to hide this income from the IRS, failing to report it on his tax returns from 2015 to 2020. Prosecutors emphasized Loo's actions were deliberate and strategic, not accidental, highlighting his deceptive efforts to evade taxes while benefiting personally and reinvesting in other businesses. The jury deliberated for about seven hours before finding him guilty on all counts, with sentencing scheduled for October 9, 2025, where he faces potential prison time of up to five years per tax evasion count and three years per false tax return count. The investigation was led by the IRS Criminal Investigation division and prosecuted by the U.S. Attorney's Office for the Western District of Washington. The case underscores the commitment of the Department of Justice to hold individuals accountable for tax fraud and uphold the integrity of the tax system.