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Defendant Sentenced to Over Five Years in Prison for Financial Crimes
A former Pittsfield man, Michael J. Armitage, 56, was sentenced to 66 months in federal prison, followed by five years of supervised release, for his role in a series of financial crimes, including fraud and tax evasion.
Armitage was ordered to forfeit $24,010 and pay restitution of $1.5 million to the IRS, $191,819 to the Massachusetts Department of Revenue, $4.2 million to the Federal Transit Administration, and $215,138 to the Pioneer Valley Transit Authority.
Armitage pleaded guilty in October 2010 to three counts of false statements to a federally insured financial institution, three counts of tax evasion, one count of false statements to a federal official, one count of conspiracy, one count of false claims, and one count of endeavoring to obstruct a federal audit.
According to court documents, Armitage did not file a single personal federal income tax return between 1993 and 2006, despite receiving millions of dollars in income from sources such as Power Development Co. LLC (PDC), an energy company he founded and controlled.
Armitage was also required to repay over $1 million to PDC for money he had misappropriated, including approximately $340,000 in checks he had written to himself but fraudulently mislabeled in PDC’s check register as payable to others.
Armitage executed a scheme to defraud United Bank, located in West Springfield, Mass., in connection with three separate loans, using or submitting various false or fraudulent documents to perpetrate these fraud schemes.
Additionally, Armitage attempted to avoid paying taxes that had been previously assessed for three separate years: 1995, 1996, and 1998, and engaged in several efforts to avoid paying taxes, including withholding material information from his tax representative and making materially false statements to an IRS Revenue Officer.
Key Facts
- State: Massachusetts
- Category: Fraud & Financial Crimes
- Source: DOJ Press Release â†â€â€
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