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Posted at 09:54 AM ET, 03/18/2011

Tax evasion, fraud pleas for sports manager

A 40-year-old Silver Spring sports manager pleaded guilty in U.S. District Court in the District to one count of tax evasion and one count of conspiracy to commit bank and wire fraud.

Nathan A. Peake ran a company called Peake Management Group Inc. that managed professional basketball players and boxers. He did not file income tax returns from 2000 to 2007, according to court documents.

During that time, Peake diverted about $5.8 million in management and agent fees from his business to personal and commercial bank accounts that belonged to him, court papers said. In one instance, he used cash to pay personal and business expenses.

Peake admitted to evading more than $1 million in income taxes.

Peake is expected to be sentenced in August. He faces a maximum of 10 years in prison.

A co-defendant in the case, Gregory L. McCormick, 55, is awaiting trial on charges of conspiracy to commit bank and wire fraud and obstruction of justice.

By  |  09:54 AM ET, 03/18/2011

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