Derrick Lawrence, a former manager for Drake and owner of the Aspire Music Group label, settled a three-year federal income tax debt to the tune of nearly $1 million. Lawrence dodged paying taxes between the years of 2009 to 2011, putting the blame on what he said was a shady accountant.
Derrick Lawrence, whose label Aspire Music Group once included such big names as Drake and Lil Wayne, confessed in Brooklyn Federal Court to not paying more than $2 million of personal income tax from 2009 to 2011.
Lawrence said he gave his taxes to an accountant for those years, but ultimately took full responsibility in court Tuesday.
“I hired an accountant to do it, and I didn’t follow up, and it was my responsibility, but I was traveling,” he said. “I failed to pay my taxes, which I left in other people’s hands, which I realize was my responsibility.”
Lawrence made $591,612 in 2009, $652,174 in 2010 and $1,032,423 in 2011, but never paid income tax on any of it, according to prosecutors.
Lawrence, who walked free on Tuesday on $150,000, was deemed not to be a flight risk and will be able to travel throughout the country and internationally so long as he alerts authorities. In a future case, Lawrence faces three years in prison for tax evasion and owes the government $750,000.
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