Keswick company executive charged with fraud, failing to pay over $440,000 in employment taxes

Sieren also allegedly submitted two Paycheck Protection Program loan applications in which he...
Sieren also allegedly submitted two Paycheck Protection Program loan applications in which he falsely represented that the company had employees for which it paid payroll taxes.(Mark Lennihan | AP)
Published: Aug. 5, 2022 at 8:49 PM CDT
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KEOKUK COUNTY, Iowa (KCRG) - A man from Keswick made his first appearance in federal court in Des Moines on tax and bank fraud charges.

59-year-old Thomas Sieren, who was Vice President of TCS Fabricating, Inc., allegedly failed to pay over $440,000 to the IRS between 2016 and 2020. Sieren also allegedly submitted two Paycheck Protection Program loan applications in which he falsely represented that the company had employees for which it paid payroll taxes.

“Business owners are required to withhold income taxes for their employees and remit those taxes to the IRS,” said Special Agent in Charge, Tyler Hatcher. “IRS-Criminal Investigation takes these crimes very seriously not only because of the impact on federal revenue, but more importantly because of the way employee benefits are impacted.”

Sieren was charged with:

  • Twenty counts of Failure to Collect, Account for and Pay Over Trust Fund Taxes
  • Two counts of Bank Fraud
  • Two counts of False Statements to a Financial Institution.

Sieren will fax a maximum penalty of 30 years in prison if he’s convicted.

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