CLEVELAND (AP) — An Ohio businessman who admitted to bankrolling a luxurious lifestyle by not paying more than $600,000 in federal income taxes is heading to prison.
Forty-seven-year-old Thomas Klocker was sentenced to six months in federal prison and fined $500,000 on Tuesday. The Lakewood man pleaded guilty to tax evasion in May.
Defense attorney Richard Blake had argued that probation would have been a more suitable sentence.
Klocker apologized in court and says he’s worked very hard to correct his actions.
Federal authorities say Klocker diverted money from his metals business in Westlake to pay for an expensive waterfront home, world travel and to maintain his 68-foot yacht called “Tommy Time.” Authorities say Klocker also failed to report $2 million in income from 2007 through 2010.