NEW HAVEN -- A 70-year-old New Canaan man who pleaded guilty to operating a decade-long tax evasion scheme was sentenced Monday to 30 months in federal prison.
Sherwood Schaub, also known as Andy Sherwood, was sentenced Monday in New Haven by U.S. District Judge Janet Bond Arterton. He will also serve two years of supervised release after his prison term, federal authorities said.
Schaub pleaded guilty in February to two counts of tax evasion after waiving his right to indictment.
As part of the plea agreement, Schaub, the owner of an executive search business called Goodrich & Sherwood Company, will work with the IRS to pay back taxes, penalties and interest totaling about $1.3 million.
According to court documents, from 1994 to 2006, Schaub's company repeatedly failed to pay federal taxes withheld from employees' paychecks.
The IRS assessed Schaub with penalties and Schaub also didn't pay the penalties, federal authorities said.
Schaub attempted to avoid paying taxes by operating his business entities under at least seven different names. He also caused his income to be paid in his wife's name instead of his own through checks and wire transfers to her bank account, authorities said.
Schaub, a graduate of Nichols College who later studied at Harvard, co-founded the recruiting firm in 1970 with George Goodrich. According to the profile on his company's website, Schaub has served as an advisor to the Reagan and George H.W. Bush administrations.
Schaub, who has been on supervised release since entering the guilty plea, has been ordered to report to prison in October.