Suspended Schererville attorney Raymond Gupta was released Thursday after posting a $20,000 bond following his arraignment in federal court on charges of tax evasion and failure to pay federal income taxes.
Gupta appeared before Magistrate Judge Joshua Kolar in U.S. District Court for the Northern District of Indiana, Hammond Division, and entered a plea of not guilty. A jury trial in United States of America v. Raymond Gupta, 2:19-cr-0124, has been scheduled for Jan. 6, 2020.
The conditions of his release included submitting to supervision, surrendering his passport and getting medical or psychiatric treatment. Also, Gupta was ordered to provide the net sale proceeds from a residence at 970 Whitehall Drive, Crown Point, within seven days of closing to the clerk’s office in anticipation of potential restitution.
According to a federal indictment issued Oct. 16, Gupta is accused of attempting to evade paying income taxes in 2002 and 2003 and of failing to file federal income tax returns from 2013 through 2018. The indictment alleges Gupta owes the Internal Revenue Service more than $2.2 million.
In June, the Indiana Supreme Court granted a petition immediately suspending Gupta’s license to practice law in the state. The court found he posed “a substantial threat of harm to the public, clients, potential clients, or the administration of justice.”
An attorney disciplinary complaint filed against Gupta alleges numerous violations of the Indiana Rules of Professional Conduct, including failing to maintain proper trust account records, commingling funds, and collecting unreasonable fees. The complaint also accuses him of violating the law by shifting clients’ funds in one trust account to cover payments to another client.