Software CEO and El Dorado Hills Resident Arrested on Tax Evasion on Tax Day
According to the arrest warrant, Archbold failed to respond to numerous Franchise Tax Board requests demanding that he file and pay his delinquent tax liabilities.
In 2001, Mr. Archbold founded as CEO and Chairman a NASDAQ green alternative energy management company which, under Mr. Archbold’s leadership, developed an environmentally green cogeneration platform. In 2009 Mr. Archbold accepted a position of Director for the venture capital firm of Black Diamond Financial Group, LLC, the original venture capital group and majority shareholders of Mr. Archbold’s green energy company. Mr. Archbold joined Rackwise, Inc. as its Chief Executive Officer in September 2011, bringing over 30 years of senior management and entrepreneurial experience in Finance, Investment Banking, Merchant Banking, Venture Capital, Portfolio Management, and Alternative Green Energy.
Rackwise Inc. moved its headquarters from San Francisco to Folsom in May of 2012. On Jan. 27, 2014, Rackwise CFO Jeff Winzeler resignsed and Guy Archbold, the company’s president, CEO and chairman of the board of directors, will took on the additional role of interim CFO.
Archbold allegedly failed to file his 2007, 2008, 2011 and 2012 state income tax returns and failed to report more than $1.5 million in earned income during these tax years, according to state Franchise Tax Board news release. Authorities say Archbold owes the state more than $78,000 in unpaid taxes. Penalties, interest and the cost of the investigation will be added to this amount and sought as restitution, authorities said.
Archbold was booked into El Dorado County Jail in Placerville with bail set at $78,000. He is to be arraigned Thursday in El Dorado County Superior Court.