A prominent yoga business founder associated with a chain of studios known as “Yoga to the People” has pleaded guilty to a tax charge in a federal court in New York City. Gregory Gumucio, 63, based in Colorado, expressed remorse as he confessed to failing to pay more than $2.5 million in taxes between 2012 and 2020. He has been granted bail until his sentencing on January 16 by Judge John P. Cronan, where he could face up to five years in prison.
In his plea agreement with prosecutors, Gumucio agreed to a single count of conspiracy to defraud the Internal Revenue Service. The case involves two other defendants who are still waiting for trial. Gumucio’s business had a revenue exceeding $20 million and operated in about 20 locations across the United States, as well as in Spain and Israel, before closing down four years ago.
During the court proceedings, Gumucio admitted that he failed to file tax returns and pay taxes due during the specified period. He acknowledged that he paid yoga instructors in cash without providing proper tax documentation. Gumucio revealed that he had agreed to pay a restitution amount of $2.56 million, plus interest, to the IRS. Despite residing in Colorado at present, he did not disclose his exact location during the hearing.
Upon leaving the courthouse, Gumucio maintained a low profile with his head bowed when photographers were present and declined to make any further comments on the matter. This incident sheds light on the repercussions of tax evasion and the importance of complying with financial obligations. Stay tuned for updates on the sentencing and further developments in this case.