Businessman admits withholding about $18 million from feds

HOUSTON (AP) - A Houston businessman has admitted to failing to pay about $18 million in federal taxes withheld from employee wages.

Richard Floyd Tatum Jr. owns Associated Marine & Industrial Staffing Inc., a company that provides temporary labor to marine and industrial businesses in Texas and other states. A Justice Department statement says he pleaded guilty Wednesday to failing to pay $12 million in payroll taxes to the Internal Revenue Services and $6 million in withheld Social Security and Medicare taxes from March 2008 through December 2012,

Tatum could be sentenced to up to five years in prison and ordered to pay restitution and penalties when he is sentenced June 1.