Former Charlotte Checkers Owner Accused of Embezzling $4.5 Million from Charity
A former majority owner of the Charlotte Checkers, Michael Kahn, is facing allegations of embezzling over $4.5 million from a charity he established. Federal prosecutors claim that Kahn transferred funds from The Michael A. Kahn Family Foundation to himself between 2020 and 2023, without reporting the income to the IRS. Kahn, 65, appeared in federal court and was released on bond.
The foundation was created in 2010 as a tax-exempt charity to support charitable, religious, and educational causes. However, prosecutors allege that Kahn operated the organization single-handedly, without any other officers, board members, or staff. During the specified period, he allegedly moved millions of dollars from the foundation's accounts to his own, failing to disclose the income on his tax returns for 2020 and 2021.
In addition to not reporting the funds as income, Kahn also neglected to file tax returns for 2022 and 2023, despite receiving substantial income in those years. He is facing charges of helping prepare false tax returns and failing to file tax returns. If convicted, he could potentially be sentenced to prison for up to three years on each false return charge and up to one year on each failure-to-file charge.
Kahn recently sold his majority stake in the Checkers to Zawyer Sports & Entertainment in July 2024. Stay informed about the latest news, weather updates, and traffic alerts affecting Charlotte by downloading the WCNC Charlotte mobile app and enabling push notifications.