James Leonardo, Tax Evasion, New York 2024

State: New York
Category: White Collar Crime
Source: <a href="https://www.justice.gov/usao-wdny/pr/rochester-business-owner-sentenced-tax-charge" style="color:#cc0000;" target="_blank" rel="nofollow noopener">DOJ Press Release ÃƒÂ¢Ã¢â‚¬Â Ã¢â‚¬â€

James Leonardo, 56, of Rochester, NY, a convicted tax evader, has been sentenced to time served and one year supervised release by Chief U.S. District Judge Elizabeth A. Wolford.

Leonardo, the sole member and owner of MY PI, LLC, a Rochester-based business, was found guilty of filing a false tax return. He was required to report net profits or losses from the business use of the company’s 110-foot yacht, ‘Pure Insanity,’ on his personal federal income tax returns.

However, Leonardo falsely deducted all the losses incurred with respect to the operation and maintenance of the yacht by claiming that it was used 100% of the time for business purposes. In reality, the yacht was only used for business purposes one-third of the time.

As a result, Leonardo was only entitled to deduct one-third of the losses generated for operation and maintenance. He failed to report and pay additional income taxes totaling $872,869 for the years 2015 through 2018.

Leonardo was ordered to pay restitution totaling $2,267,315.42. The sentencing is the result of an investigation by the Internal Revenue Service, Criminal Investigation Division, under the direction of Harry Chavis, Acting Executive Special Agent in Charge, New York Field Office, and the Department of Defense, Office of Inspector General’s, Defense Criminal Investigative Service, under the direction of Special Agent-in-Charge Patrick J. Hegarty, Northeast Field Office.

The case was handled by Assistant U.S. Attorney Richard A. Resnick. Leonardo’s conviction serves as a reminder of the importance of honesty and transparency in financial reporting.

The investigation into Leonardo’s tax evasion scheme is a testament to the dedication of law enforcement agencies to uncovering and prosecuting financial crimes.

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