PROVIDENCE – The president and sole owner of a Providence jewelry manufacturing company has pleaded guilty to tax evasion, admitting that in 2015 he diverted from his business to himself more than five times the actual gross income his company received and reported to the IRS, and that he failed to pay taxes owed the IRS for the additional income.

Byron Urizar, 47, of Lincoln, president and sole officer of B U, Inc., admitted in court that in 2014 and 2015, he diverted a large portion of third-party checks made payable to his business by using a check casher to cash the checks, states a release.

Appearing before U.S. District Court Chief Judge William Smith, Urizar admitted to using a check casher to cash 268 checks totaling approximately $399,593 in business receipts for the tax year 2015.

Urizar admitted to the court that he did not inform his accountant that a significant portion of the business's gross receipts were cashed at the check casher and not deposited into the business bank account. This ensured that the gross receipts reported on his tax returns were based solely on the deposits he made to the business account and not the checks he had cashed at the check casher.

Urizar’s guilty plea was announced by U.S. Attorney Aaron Weisman and Kristina O'Connell, special agent in charge of the Internal Revenue Service Criminal Investigation.

Urizar is scheduled to be sentenced on July 19. Tax evasion is punishable by up to five years imprisonment, three years of supervised release, and a fine of $250,000 or twice the pecuniary gain or loss.

The case is being prosecuted by Assistant U.S. Attorney Dulce Donovan. The matter was investigated by IRS Criminal Investigation.

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