The former owner of the Kansas City Knights professional basketball team was sentenced Monday to four years and three months in prison for tax evasion and bank fraud.
James Clark, 53, of Overland Park, was also ordered to pay more than $1.3 million in restitution, according to Barry Grissom, U.S. attorney for Kansas.
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Clark was sentenced in U.S. District Court in Kansas City, Kan., where he pleaded guilty to the charges earlier this year.
Federal prosecutors said Clark withheld payroll taxes from employees of his Swish Holding Corp. but failed to pay more than $500,000 in taxes to the Internal Revenue Service.
The bank fraud charge stemmed from false information that Clark submitted to UMB Bank when he applied for a line of credit.
Clark will be allowed to surrender himself to federal prison authorities at a later date.
His attorney, Kevin Dellett, said Clark has cooperated with the government throughout its investigation and chose not to contest the 51-month sentence suggested by guidelines.
“He is truly remorseful for his conduct and hopes his case serves as a lesson to his family and others,” Dellett said in a written statement. “Mr. Clark is relieved to know his fate and to now be able to spend another six weeks with his family before surrendering.”