Sarasota restaurant owner admits to IRS scheme, faces prison time

A co-owner of Boatyard Waterfront Bar and Grill pleaded guilty last week to failing to disclose income to the IRS as part of a scheme to avoid reporting cash sales at the Sarasota restaurant. The Boatyard is the colorful eatery on the Sarasota side of Stickney Point Bridge that leads to Siesta Key. 

Karl Knocker, whose age was not disclosed, pleaded guilty to three counts of three counts of failing to provide information to the IRS. He faces three years in prison and a $100,000 fine. A sentencing date has not been set.

The restaurant’s other owner, Madeline Nikolson, pleaded guilty to conspiracy to defraud the United States in May, according to federal court records online. She is scheduled to be sentenced Aug. 1 and faces five years in prison and a $250,000 fine.