MINNEAPOLIS -- A Duluth man has been sentenced for failing to properly report his business revenue and income to the IRS.

The U.S. Attorney's Office says on Tuesday, 57-year-old Shimon Shaked was sentenced to one year and one day in prison and ordered to pay over $620,000 in restitution.

Court records show Shaked owned and operated multiple t-shirt and souvenir shops around Canal Park between June 2019 and April 2020 including I Love Duluth, I Love Duluth 2, Lake Life, and Up North-The Good Life.

Get our free mobile app

The attorney's office says Shaked listed his teenage daughter as the nominal owner of the holding company ALMS18, LLC which he started in 2012. According to the documents, Shaked only reported the credit card sales for his businesses and not the cash sales.

Court records also show he used some of the money from the cash sales to pay the overtime wages of his employees.

In October 2021, Shaked pleaded guilty to one count of tax evasion.

LOOK: Here are 25 ways you could start saving money today

These money-saving tips—from finding discounts to simple changes to your daily habits—can come in handy whether you have a specific savings goal, want to stash away cash for retirement, or just want to pinch pennies. It’s never too late to be more financially savvy. Read on to learn more about how you can start saving now. [From: 25 ways you could be saving money today]

KEEP READING: Here are the best places to retire in America