F&S Oil Pleads Guilty to False Tax Returns

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The owner of the defunct F&S Oil Company admitted to charging travel, golf outings and equipment to his company, according to court documents.

F&S Oil Company left thousands of customers in the cold when the business went bankrupt.

According to court documents, the owner, Richard Stevens, charged almost $230,000 in personal expenses to the company.

Stevens, 60, of Middlebury, appeared in court in Hartford on Wednesday and pleaded guilty to one count of willfully filing a false U.S. tax return.

Stevens admitted that, during the 2006 and 2007 tax years, he charged personal expenditures that were unrelated to F&S Oil business on the company’s credit cards, including meals, travel, golf outings and equipment, according to United States Attorney David Fein.

For the 2006 tax year, Stevens charged $113,733 in personal expenses to F&S Oil and, in 2007, he charged $115,667 in personal expenses to the company, according to court records.

He also failed to report any of these expenditures on his personal federal tax returns for the 2006 and 2007 tax years, underpaying his federal taxes by a total of $79,186 for the two years.

Stevens will be sentenced on Nov. 3.

The Internal Revenue Service – Criminal Investigation, and the Federal Bureau of Investigation are working on this case.

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