GRAND RAPIDS, Mich. (WOOD) — A Holland lawyer will have to make restitution to the tune of hundreds of thousands of dollars after embezzling from his clients and then not reporting the ill-gotten gains on his taxes, federal authorities say.
Jeffrey Palmer is expected to plead guilty to wire fraud and making a false statement on a federal income tax return, the U.S. Attorney’s Office said Thursday.
Authorities say Palmer has agreed to repay about $339,520 to his clients and give the Internal Revenue Service about $55,511 before interest and penalties.
Between 2012 and 2016, authorities say, Palmer embezzled from two of his clients’ trust funds. He then failed to report the stolen cash on his taxes, which counts as lying.
Palmer could be sentenced to up to 20 years in prison for the embezzlement and another three for the tax evasion, and he could lose his law license. A sentencing date has not yet been scheduled.