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Former Nevada energy drink CEO sentenced

Former Nevada energy drink CEO sentenced

By Joyce Lupiani. CREATED Aug 28, 2012

LAS VEGAS (AP) -- A federal judge has sentenced the former chief executive officer of a Nevada energy drink company to more than four years in prison for tax evasion.

Fifty-year-old Russell Pike used to run Xyience Inc., a sports energy drink company.

Prosecutors say Pike evaded federal income taxes due on $7.9 million in 2006 income from the sale of stock in his company. He was convicted of tax evasion in April following a bench trial in federal court.

On Monday, U.S. District Judge James Mahan in Las Vegas sentenced Pike to four years and four months in prison.

Mahan also sentenced Pike to three years of supervised release with the condition that he pay $1.2 million in restitution to the Internal Revenue Service.
 

Joyce Lupiani

Joyce Lupiani

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Joyce Lupiani is the managing editor for PositivelyLV.com and contributes to KTNV.com and NowTrending.com.