FORT WAYNE, Ind. (WOWO): A Fort Wayne man who owned a local business will be spending some prison time for filing false tax returns.

40 year old jared Hochstedler was the former owner of Enzyme Environmental Solutions. This week, he was sentenced in federal court to 27 months in prison and was ordered to pay over $1.2 million in restitution to the IRS. 

Hochstedler was found to have participated in stock exchanges of his company's stock with third-party companies that netting him over $2.8 million, along with over $1 million in another company's stock. They weren't reported in his 2008 and 2009 individual income tax returns. 

He also never repaid third-party companies after taking out loans for personal purchases.