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Massachusetts Financial Advisor Convicted on Tax Fraud Charges

| Feb 8, 2012 | Tax Crimes

Earlier this week, an Attleboro man was convicted in U.S. District Court after allegations that he perpetrated more than $50 million worth of fraud against the Internal Revenue Service.

The man, who worked as a stockbroker, insurance agent and financial advisor, was convicted on tax fraud charges including one count of attempting to obstruct the administration of federal tax laws and eight counts of filing false tax returns.

Prosecutors alleged that the man failed to pay all of his income taxes for a six-year period starting in 1996 and ending in 2001. In addition, he allegedly underreported his income by more than $1.3 million between 2000 and 2006.

Prosecutors further said that the man attempted to fool the IRS into thinking he had paid his taxes by submitting more than $2.2 million in bad checks and fake financial instruments. They also accused him of filing a false Nonresident Alien Tax Return in 2007 that resulted in an unwarranted refund of nearly $389,000.

The man was also convicted on eight counts of contempt of court. Those charges arose after he violated a court order mandating that he not engage in behavior that interfered with the administration of federal tax laws. Despite that order, prosecutors claim that he assisted others in filing their tax returns and, in doing so, falsely claimed more than $50 million in income tax refunds.

The man’s sentencing date has not yet been set, but it is likely he will spend several years in jail.

The IRS does not take tax crimes lightly. If you’re worried that you might not be able to meet your tax obligations, one of the worst things you can do is to simply not file a tax return. Instead, talk to an attorney who can help you understand your options and work out a plan that fits your needs.

Source: The Sun Chronicle, “City Stockbroker Convicted of Tax Fraud,” Rick Foster, Jan 26, 2012.

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