Turlock business owner pleads guilty in tax fraud

A Turlock man pleaded guilty Monday to structuring financial transactions and filing a false tax return related to his hydroponic supply store, according to the U.S. Attorney’s Office.

Branden Adam Eidson, 35, owned Hooked Up Hydroponics in Turlock and Merced.

According to court documents, Eidson failed to report more than $1.2 million in income from his business for the tax years 2008 through 2010. This unreported income resulted in a tax loss to the Internal Revenue Service of more than $430,000. In addition to misreporting his income, Eidson deposited more than $1.5 million in cash into his bank accounts in amounts of $10,000 or less to prevent his banks from filing Currency Transaction Reports.

This case is the product of an investigation by the Internal Revenue Service, Criminal Investigation and the Drug Enforcement Administration. Assistant United States Attorney Grant Rabenn and Special Assistant U.S. Attorney Katherine Plante are prosecuting the case.

Eidson is scheduled to be sentenced by U.S. District Judge Dale Drozd on March 21. He faces a maximum statutory penalty of five years in prison and a $250,000 fine for structuring, and three years and a $250,000 fine for filing a false tax return.

This story was originally published December 14, 2015 at 5:14 PM with the headline "Turlock business owner pleads guilty in tax fraud."