LOUISVILLE, Ky.--Larry Joel, an
optometrist, former optical retailer and an inventor who is a
developer of the technology used in Optical Dynamics Corp.'s lens
casting systems, was arrested here Jan. 5 following an indictment
by a federal grand jury in Louisville on charges of tax evasion,
money laundering and false statements.
The indictment and the U.S.
Attorney, Western District of Kentucky, allege that Joel sold his
interest in a process for making eyeglass lenses for nearly $17
million in 1991 and that he evaded paying approximately $2.4
million in income taxes between 1995 and 2004. In 1998, Joel filed
statements with the I.R.S. acknowledging that he owed taxes for
1991 to 1994. Joel paid no income tax from 1991 to 1994. In 1999,
Joel filed a statement with the I.R.S. stating he had no assets,
according to the indictment.
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Larry
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The indictment also alleges that
Joel used trusts and various businesses to conceal his ownership of
a yacht, a residence, several expensive cars and other
luxuries.
Joel has pleaded "not guilty" to all
charges and was released without bail. He is scheduled for trial in
U.S. District Court in Louisville on March 7. The charges could
carry maximum penalties of up to 40 years in jail and a fine of
$1.1 million, although actual penalties could be substantially less
under federal sentencing guidelines.
Scott C. Cox, Joel's attorney,
asserted Joel is innocent. "We're going to go to trial, and I plan
to defend him aggressively," said Cox.
According to Paul Michelson, chief
executive officer of Optical Dynamics Corp., Joel has acted as a
technology consultant for Optical Dynamics Corp. (ODC) since 1997,
and is a minority shareholder in the company. "Dr. Joel's tax
charges are strictly of a personal nature, and are in no manner
connected with ODC; nor will the charges in any way impact ODC's
operations," said Michelson. "ODC's business remains strong, and we
look forward to another growth year."