Jason T. Throne, the former Intellectual Property General Counsel for Hunter Douglas, the U.S. affiliate of the $2.6 billion-in-sales Dutch-based manufacturer of window shades and blinds, has pled guilty to felony mail fraud and false tax submission charges. It appears that Mr. Throne misappropriated $5 million dollars from his employer by diverting funds to a company he owned, and charging off the expenditures as patent application searches that were never performed.
Jason is in treble trouble. He is not just facing jail time, BUT he owes Hunter Douglas the $5 million he embezzled from them, AND he owes the IRS taxes on the same $5 million. OK. If he pays the $5 million back to Hunter Douglas, does he still owe taxes on the money?