A former Bellevue-based developer and lender indicted last year on charges he hid his assets for 10 years while avoiding taxes and living a life of luxury was convicted of two counts of tax evasion on Thursday.

Thomas R. Hazelrigg, III, 68, of Redmond was found guilty by a jury in U.S. District Court following a nine-day trial , and now faces up to five years in prison on each count of tax evasion when he’s sentenced on March 12.

Hazelrigg avoided $533,454 in taxes owed from 1989 to 1991 and also in 1994, while spending millions of dollars on a Bellevue penthouse, two homes in Palm Springs, private aircraft, thoroughbred horse racing and country club fees, according to a release by the U.S. Attorney’s Office.

The trial also focused on the illegal funneling of income from Hazelrigg’s businesses into accounts he kept hidden from the Internal Revenue Service, which the attorney’s office states he used to remodel his Bellevue penthouse and Palm Spring homes, including the installation of two glass chandeliers by Dale Chihuly valued at more than $460,000.

“Thomas Hazelrigg III, wrongly thought he could hide from his tax liability,” stated Special Agent in Charge Teri Alexander of IRS Criminal Investigation in the statement. “What makes this case so egregious is that he consented that he owed the tax and then immediately took exceptional actions to avoid his obligation to pay, all while living a lavish lifestyle. This verdict today sends a strong message that tax evasion will not and cannot be tolerated.  Americans who pay their fair share can be confident that IRS Criminal Investigation will pursue those who do not.”