Newark, N.J. – The grimy details of a stunning tax evasion scheme have emerged as Louis Picardo, a 64-year-old Hoboken-based accountant, today stood before U.S. District Judge Stanley R. Chesler to admit guilt in a federal income tax evasion charge.
Picardo, who once served as the tax collector for Hoboken from 1973 to 2008, and was a partner at Cannarozzi & Picardo LLC, failed to report $3,725,853 in taxable income. This colossal oversight resulted in a staggering tax loss of $914,908 to the United States.
The accountant’s misdeeds were not confined to his firm; he also managed multiple commercial and residential properties under various entities known as the “Picardo Entities,” all while dodging his tax responsibilities.
Picardo now faces a potential penalty of five years in prison and a fine reaching $250,000 or twice the gross gain or loss from his offense. His sentencing is scheduled for Sept. 25, 2019.
U.S. Attorney Craig Carpenito hailed the IRS-Criminal Investigation special agents, led by Special Agent in Charge John R. Tafur, for their crucial role in this investigation that culminated in Picardo’s guilty plea today.
The government’s legal team consists of Assistant U.S. Attorney Sean Farrell and Rahul Agarwal, Deputy Chief of the Criminal Division, while Peter Willis Esq., represents Picardo in court.
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Key Facts
- State: New Jersey
- Agency: DOJ USAO
- Category: Fraud & Financial Crimes|Public Corruption|White Collar Crime
- Source: Official Source ↗
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