Ex-CEO sentenced for tax evasion
Posted December 2, 2008 10:37 a.m. EST
Updated December 3, 2008 11:06 a.m. EST
Raleigh, N.C. — A former executive of a Raleigh advertising firm and a Statesville sock manufacturer has been sentenced to 32 months in prison for tax evasion, authorities said.
Ronald Cruickshank, 60, formerly of Durham, pleaded guilty in June to using illegal tax shelters to conceal his 2001, 2003 and 2004 earnings from the Internal Revenue Service.
Cruickshank worked as an executive with the Howard Merrill & Partners ad firm in 2001 before being named chief executive of sock-maker Thor-Lo Inc. He earned about $950,000 in salary and from his investments during the three years covered by the charges, according to authorities, but he had his salary paid to various trusts opened in his mother-in-law's name to hide his income.
He also used the services of several tax-avoidance groups to impede the IRS' efforts to investigate him, authorities said.