Grand Traverse Academy founder Steven Ingersoll has been found guilty of tax fraud. A federal jury acquitted Ingersoll of wire fraud – a charge that carries a more severe penalty. Ingersoll evaded taxes by moving money between business and personal bank accounts.
MLive reporter Cole Waterman has been following the trial in Bay City for a month. He says Ingersoll and the other defendants heard the verdict at about 12:30 Tuesday afternoon.
"None of the defendants seemed to react in any overt way," said Waterman. "They were all pretty stoic.”
None of the charges were directly related to Ingersoll’s position at Grand Traverse Academy but he illegally diverted money from a Chemical Bank loan that was meant to pay for construction of a new school in Bay City.
“The prosecution argued that … he withdrew $704,000 from that Chemical Bank loan and rather than putting it toward the construction, he ended up putting it into the Grand Traverse (Academy) account to repay part of a $3.5 million debt,” said Waterman.
Ingersoll's sentencing is scheduled for June 16th. The convictions carry a maximum sentence of five years in prison.
You can hear our full interview with MLive reporter Cole Waterman at the audio link below.