Yoga Empire Founder Faces Justice Over Tax Fraud
Gregory Gumucio, founder of the 'Yoga to the People' chain, was sentenced to four years in prison for tax fraud, having avoided paying over USD 2.5 million in taxes. The yoga empire, once operating in multiple US and international locations, was lucrative before closing four years ago.
Gregory Gumucio, the founder of the renowned 'Yoga to the People' chain, has been sentenced to four years in prison following a guilty plea to tax fraud. The business, which at its peak had over 20 locations globally, generated significant revenue but came under scrutiny for tax evasion.
In Manhattan federal court, Judge John P. Cronan ordered Gumucio, 64, to pay USD 2.7 million in restitution to the IRS. The Colorado Springs resident admitted to a conspiracy charge, revealing he had evaded more than USD 2.5 million in taxes from 2012 to 2020.
'Gregory Gumucio built a profitable yoga empire and lived well off its success — but he refused to pay his taxes,' stated US Attorney Jay Clayton. Despite its previous success, the business closed four years ago amid expansion plans, stretching from the US to Europe and the Middle East.
(With inputs from agencies.)
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