Giuseppe D’Arancio, the owner of a Wildwood Crest pizzeria, has pleaded guilty to filing false income tax returns, underreporting his business’s taxable income by a staggering $1.2 million.
According to court documents, D’Arancio, 60, of Cape May Court House, New Jersey, knowingly filed false tax returns for tax years 2012 through 2016. As a result, he failed to pay more than $425,000 in income taxes.
The scheme involved keeping two sets of accounting books, with the true financial records hidden from tax authorities. This deceitful practice allowed D’Arancio to evade a significant portion of his tax liability.
U.S. Attorney Craig Carpenito announced the guilty plea, crediting the IRS-Criminal Investigation team for their tireless efforts in uncovering the tax evasion scheme. Special Agent in Charge John R. Tafur led the investigation, which culminated in D’Arancio’s guilty plea.
The case is being prosecuted by Assistant U.S. Attorney Diana Vondra Carrig of the U.S. Attorney’s Office Criminal Division in Camden. Defense counsel Jerome A. Ballarotto Esq. of Trenton is representing D’Arancio.
D’Arancio faces a maximum potential penalty of three years in prison and a fine of the greater of $100,000, twice the gross profits to D’Arancio or twice the gross losses to the victim of his offense. Sentencing is scheduled for May 4, 2020.
The guilty plea serves as a stark reminder of the consequences of tax evasion and the importance of transparency in financial dealings. The Grimy Times will continue to monitor the case and provide updates as more information becomes available.
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Key Facts
- State: New Jersey
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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