Agents of the IRS, Criminal Investigation, arrested Alamo resident Robert Lance McAdam, 56, on Thursday afternoon. A federal grand jury indicted McAdam on Tuesday for seven counts of making false, fictitious or fraudulent claims, United States Attorney Melinda Haag and Special Agent in Charge, IRS Criminal Investigation, Scott O'Briant said.
According to the indictment, McAdam made seven claims against the U.S. by filing false tax returns on Oct. 14, 2008 and on June 1, 2009 for the tax years 2003 through 2008. McAdam claimed refunds that totaled $5,264,749 while knowing such claims to be false, fictitious, or fraudulent.
McAdam made his first appearance in Oakland's federal court on Friday morning and will be arraigned on April 5 at 9:30 a.m., said IRS Public Information Officer Arlette Lee.
The maximum penalty for making such a false claim is five years in prison and a fine of $250,000, or twice the value of the gross gain or loss.
Since 1977, McAdam has been the owner and president of Custom Homes by McAdam, according to his LinkedIn profile.