Former Wheaton attorney facing federal income tax charges

A former Wheaton attorney withheld more than $137,000 in payroll taxes from his employees' paychecks but failed to send the money to the IRS, according to a U.S. attorney's office news release.

Adam Tracy, 43, of Wheaton was charged in federal court with one count of willful failure to pay taxes to the IRS, the news release stated. Arraignment is set for Monday before U.S. District Judge Edmond E. Chang.

According to documents filed Tuesday in U.S. District Court in Chicago, Tracy operated Securities Compliance Group Ltd., a Wheaton-based law and consulting practice that also did business as "Clearing Link LLC," "Wabash Capital Advisors Ltd.," "Guanwei Recycling Corporation," and "The Tracy Firm. Ltd."

From 2014 to 2018, Tracy's company withheld $137,403.76 in payroll taxes from employees' paychecks but failed to pay the money to the IRS, the filing states. For much of that time, the company also failed to file quarterly employment tax returns with the IRS, the filing states.

The tax charge is punishable by up to five years in prison.