Stephen McDow, a Laguna Beach, CA man wrongfully received $110,000 deposited in his bank account, KCAL 9 reported. It was none other than the IRS who wrongfully deposited those funds into the man’s bank account. It was another person’s tax refund that was wrongfully deposited in his account after the senior citizen provided the IRS with the wrong bank account information.
The Laguna Beach resident used the funds to pay down his debts, including his mortgage and student loans. Once contacted by the IRS McDow admitted to having received $110,000 and that he used $65,000 to pay down his real estate loan on a family Maryland home and his car loans.
Prosecutor Lockart stated that the bank account error was due to Citibank re-assigning the account number to McDow after the account has been closed in 2004. The 67 year Los Angeles women provided the IRS with an old account number on her efiling for her federal taxes. If that is true it’s none other than the filers mistake.
“He said look I screwed up, I spent it on my student loan and I spent it on my home mortgage. It doesn’t sound like that this man exercised criminal intent anywhere along the way” tax attorney Jerry Unis, who is not associated with this case, said.
McDow’s family informed the media that Stephen McDow offered to return the unspent funds while making monthly payments on the remaining balance but that the offer was declined. Stephen McDow now faces grand theft charges by the OC District attorney for having stolen money that he did not steal. Stephen McDow is currently in jail being held on $110,000 bail while facing up to four years for a crime he did not commit.