A former card show promoter who operates a chain of sports memorabilia stores in southern California has pleaded guilty to tax fraud charges.
William Alsborg admitted he didn’t report over $3 million worth of business income from 2003-2005 from sales at his six Sports Treasures outlets and on eBay.
According to federal court documents obtained by Sports Collectors Daily, Alsborg knowingly filed false returns on his Schedule C and form 1040. The plea agreement indicates Alsborg deposited cash and other business receipts into bank accounts bearing his name rather than the business name and failed to report it.
On each of Alsborg’s tax returns from 2003 through 2005, he failed to report all of his business receipts and his business income. Specifically, he failed to report cash receipts and other business receipts that were often deposited into bank accounts other those for his businesses. Attorneys say Alsborg knew he under-reported approximately $1,381,389, $1,474,877, and $147,543 in gross receipts for Sports Treasures on his Schedule C for the tax years 2003, 2004, and 2005, respectively (totaling approximately $3,003,809 in unreported gross receipt). Although he had additional costs of goods sold and expenses that offset some of the unreported gross receipts, the unpaid taxes due based on those figures is $91,997.
Alsborg faces up to three years in prison and a fine of $100,000 when he is sentenced before Judge Josephine Tucker April 4. It’s also possible a judge will order supervised release. The agreement states that Alsborg will be expected to satisfy his unpaid tax bill by his sentencing date.
According to its website, Sports Treasures was established in 1997 and sells a variety of products from “home decoration items to collectible sports appareal” [sic].
Alsborg regularly promoted sports card shows in southern California during the 1990s.
The investigation and prosecution of Alborg is being conducted by IRS – Criminal Investigation in conjunction with the United States Attorney’s Office for the Central District of California.