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Former CEO Sentenced for Tax Evasion in California
RIVERSIDE, California – The former CEO of Axium International, Inc., a leading Hollywood payroll services company until it collapsed in 2008, has been sentenced to two years in federal prison for defrauding the Internal Revenue Service by failing to report as income millions of dollars he skimmed from company coffers.
John Visconti, 74, of Beverly Hills, was sentenced on Monday by United States District Judge Jesus G. Bernal, who also ordered the defendant to pay $1.75 million in restitution to the Internal Revenue Service.
Visconti was convicted by a federal jury in October of tax evasion, conspiracy to defraud the IRS, and filing a false tax return.
According to the evidence presented at trial last fall, Visconti and Axium’s former chief operating officer – Ronald Garber, 62, of Santa Monica – used a variety of elaborate mechanisms to divert approximately $5.1 million from Axium.
The two men also conspired to have thousands of dollars in cash from Axium delivered to them on a weekly basis.
“While they were entrusted with overseeing the business activities of a company that was taking in hundreds of millions of dollars every year, these defendants were stealing millions from Axium,” said United States Attorney Eileen M. Decker.
Visconti’s sentence is the latest development in a case that has uncovered widespread corruption and abuse of power in the entertainment industry.
As part of the scheme, Visconti diverted tax refund checks payable to Axium and its subsidiaries into secret bank accounts he and Garber controlled.
Garber and Visconti also diverted approximately $570,000 from Axium by paying invoices submitted by a sham construction company that they controlled.
Visconti’s conviction is a major blow to the entertainment industry, which has long been plagued by corruption and abuse of power.
Key Facts
- State: California
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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