SAN DIEGO (CN) – The two principals of a bankrupt company admitted their involvement in a fraudulent lease-selling scheme that brought more than $300 million to the now-defunct Commercial Money Center. Sterling Wayne Pirtle, 72, and Ronald Allen Fisher, 68, pleaded guilty to one count each of conspiracy to commit bank fraud and tax evasion in Federal Court.
According to plea documents, the conspiracy involved the sale of $70 million in fraudulent equipment leases to financial institutions. The former execs evaded $1 million each in personal income taxes on millions earned at the company. Fisher’s son, Mark Edward Fisher, 40, pleaded guilty earlier this year on identical counts of conspiracy and tax evasion. He dodged $500,000 in personal taxes on $2 million of unreported income from Commercial Money Center, according to a press release.
Daughter Kelly Fisher, 34, pleaded guilty to tax evasion in 2007 and was sentenced to prison.
The business duo were indicted in December 2007. Sentencing has been scheduled for Nov. 23.