Xyience Inc. founder and former CEO Russell Pike was convicted of tax evasion on Monday following a one-week trial, according to the Las Vegas Review-Journal. Pike failed to pay taxes on more than $7.9 million in income earned in 2006.

The criminal case focused on 4.4 million shares of company stock that were sold for $7.9 million in 2006. Pike asked an investor who purchased $5 million in stock to change the date of the purchase agreement to 2007 so that Pike could avoid paying taxes in 2006. To read the full story, visit lvrj.com/news/former-sports-drink-ceo-convicted-of-tax-evasion-145840565.html.

Powell's POV: Pike faces up to five years in prison and a $250,000 fine when he is sentenced on July 2. He has four prior felony convictions, including two for bank fraud and money laundering. The story also states that Pike maintained a lavish lifestyle in Las Vegas. I'll never understand people who make that type of money yet get greedy and take such shortcuts.

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