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Posted at 08:41 AM ET, 10/06/2011

Maryland sports manager gets three years for tax evasion, fraud

A 41-year-old Silver Spring sports manager was sentenced to three years in prison after pleading guilty to tax evasion and conspiracy to commit bank and wire fraud.

Nathan A. Peake, who ran a company called Peake Management Group Inc. that managed professional boxers and basketball players, was sentenced Wednesday in U.S. District Court in the District.

Peake managed former NBA All-Star and Maryland native Steve Francis, who was also Peake’s business partner.

According to court documents, Peake did not file income tax returns from 2000 to 2007.

During that time, he diverted $5.8 million in management and agent fees from his business to personal and commercial bank accounts.

Peake admitted to evading more than $1 million in income taxes and faced a maximum of 10 years in prison.

“Nathan Peake’s efforts at tax evasion were much less successful than the careers of the professional athletes he managed,” U.S. Attorney Ronald Machen Jr. said.

Peake’s co-defendant in the case, Gregory L. McCormick, 56, was convicted of bank fraud, conspiracy, obstruction of justice and identity theft. According to prosecutors, McCormick conspired with Peake and others to obtain multiple fraudulent mortgages.

McCormick is expected to be sentenced Thursday.

Read more at washingtonpost.com/crime.

By  |  08:41 AM ET, 10/06/2011

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