Related Federal Cases
- Medical Device CEO Briant Benson Jailed for Tax Evasion · California
- Campbell Home Health CEO Shane Brightpath Mike Pleads Guilty to Tax Evasion Scam · California
- CEO Charged in $47M Tax Evasion Scheme · California
- Tax Fraudster Maness Gets 41 Months in $228M Scheme · South Carolina
- Santa Barbara Attorney Darryl W. Genis Pleads Guilty to Tax Evasion · California
Hollywood Payroll CEO Faces 13 Years for Tax Conspiracy
LOS ANGELES – Former CEO of Axium International, Inc., John Visconti, 71, of Beverly Hills, has been arrested on federal tax charges alleging he took millions of dollars of company funds and failed to report the income to the IRS.
Visconti was arraigned and the three-count indictment against him was unsealed during a hearing late Monday afternoon in United States District Court. Visconti entered a not guilty plea to the charges, and a trial was scheduled for July 29.
According to the indictment, which was returned by a federal grand jury on May 28, Visconti and another Axium officer used a variety of mechanisms to divert millions from Axium. In some cases, Visconti and his co-conspirator allegedly pocketed tax refunds that should have gone to Axium and its subsidiaries.
The indictment further alleges that, for more than two years, Visconti and his co-conspirator took weekly cash payments from Axium that averaged $8,000. Furthermore, Visconti and his co-conspirator allegedly formed a construction consulting company that billed Axium for $570,000 worth of services and they concealed from Axium that they were profiting from the arrangement.
Despite diverting millions of dollars from Axium, Visconti reported none of the diverted funds on his federal income tax returns, the indictment alleges.
Visconti faces charges of conspiracy, tax evasion and filing a false tax return. If convicted of the three counts, Visconti would face a statutory maximum sentence of 13 years in federal prison. Visconti was ordered to be freed on a $100,000 bond, but he will be subject to electronic monitoring during his pre-trial release.
An indictment contains allegations that a defendant has committed a crime. Every defendant is presumed to be innocent until proven guilty in court.
RELATED: John Visconti Convicted in $7M Axium Tax Fraud Scheme
Key Facts
- State: California
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
ðŸâ€Â’ Get the grimiest stories delivered weekly. Subscribe free →
MORE FEDERAL CRIME NEWS
White Collar CrimeWhite Collar CrimeWhite Collar CrimeWhite Collar Crime