• Report: #741340

Complaint Review: LARRY PETTIS

Thank You

Read how Ripoff Report saves consumers millions.

  • Submitted: Wed, June 15, 2011
  • Updated: Wed, June 15, 2011

  • Reported By: Victum — las vegas Nevada United States of America
LARRY PETTIS
650 White Drive Fresno, California United States of America

LARRY PETTIS GLOBAL BUSINESS MARKETING DRUG DEALER-HITMAN FOR RUSSELL PIKE Fresno, California

What's this?
What's this?
What's this?
Is this
Ripoff Report
About you?
Ripoff Report
A business' first
line of defense
on the Internet.
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™

SEO Reputation Management at its best!

FOUNDER OF ENERGY DRINK COMPANY CHARGED WITH TAX EVASION

LAS VEGAS - - The former CEO of a Nevada sports energy drink company, Xyience, Inc., has been indicted by the Federal Grand Jury on tax evasion charges, announced Greg Brower, United States Attorney for the District of Nevada.

Russell Pike, of Las Vegas, is charged with one count of Tax Evasion for failing to file a federal individual income tax return for 2006 and failing to pay taxes on over $6.9 million in income he earned in 2006. Pike is also charged with using nominees and a forward-dated stock sale agreement to conceal his true income from the IRS. Pike was arrested yesterday in Las Vegas and is scheduled to appear in U.S. District Court at 3:00 p.m. today before U.S. Magistrate Judge Peggy A. Leen for an initial appearance and arraignment.

Pike founded Xyience, Inc., which manufactured, marketed and sold sports energy drinks, most notably, Xenergy, which was sold in over 45, 000 stores throughout the United States. The Indictment alleges that upon the inception of Xyience in 2004, Pike received at least 12 million shares of Xyience stock. During 2006, Pike sold over 4.4 million shares of his Xyience stock for approximately $6.9 million. This includes a sale on about November 2, 2006, in which Pike sold over 3 million shares of Xyience stock to an investor for approximately $5 million. In early 2007, Pike requested that the investor change the date of the stock purchase agreement from 2006 to 2007, so that Pike could avoid paying taxes for 2006.

In June 2006, Pike listed his income as $100, 000 plus on a brokerage account application. In July 2007, Pike listed his assets as $27 million and his liabilities as $2 million on a life insurance application. In September and November 2006, Pike purchased a condominium in Las Vegas which was titled in the name of a nominee, made payments on a 2005 Lexus SUV that was held in the name of a nominee, and purchased a 2007 Mercedes Benz for $151, 614.

If convicted, Pike faces up to five years in prison and a $250, 000 fine.

The case is being investigated by Internal Revenue Service Criminal Investigation and is being prosecuted by Assistant United States Attorney Nicholas D. Dickinson.

The public is reminded that a Indictment contains only charges and is not evidence of guilt. The defendant is presumed innocent and entitled to a fair trial at which the government has the burden of proving guilt beyond a reasonable doubt.

This report was posted on Ripoff Report on 06/15/2011 11:01 PM and is a permanent record located here: http://www.ripoffreport.com/r/LARRY-PETTIS/Fresno-California-/LARRY-PETTIS-GLOBAL-BUSINESS-MARKETING-DRUG-DEALER-HITMAN-FOR-RUSSELL-PIKE-Fresno-Califor-741340. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

Click Here to read other Ripoff Reports on LARRY PETTIS

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Search Tips
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?

Advertisers above have met our
strict standards for business conduct.



Ripoff Report Legal Directory