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Olean Businessman Charged with Tax Evasion
BUFFALO, N.Y.– Edmund J. Renaud, a 70-year-old Olean businessman, has pleaded guilty to tax evasion, a charge that carries a maximum penalty of five years in prison, a fine of $250,000, or both.
Renaud, who ran Southern Tier Moving and Storage, Inc. in Olean until 2002, failed to pay over $48,000 in unpaid federal payroll taxes. When the Internal Revenue Service assessed these taxes, Renaud shut down his business and opened Southern Tier Moving and Storage, LLC, where he again failed to pay over $86,000 in federal payroll taxes from 2002 until 2006.
Assistant U.S. Attorney Gretchen L. Wylegala stated that Renaud provided false information to the IRS about bank accounts and other assets, including a truck he had obtained as a result of accumulating "comp" credits at the Seneca Allegany Casino.
In 2007, Renaud filed an Offer in Compromise with the IRS, settling approximately $150,000 in taxes due for payment of only $1500. However, the information provided by Renaud was false, including his claims that he was out of business and failure to identify bank accounts.
While Renaud was not paying his taxes, his companies were receiving income, and he was heavily involved in gambling at the Seneca Allegany Casino. Renaud also received a significant Workmen’s Compensation award of approximately $100,000.
Renaud’s plea comes on the eve of trial, which was scheduled to begin next week. The plea is the culmination of an investigation by Special Agents of the Internal Revenue Service, Criminal Investigation Division, under the direction of Special Agent in Charge Toni Weirauch, New York Field Office.
Sentencing is scheduled for January 27, 2014, at 9:00 a.m. before Judge William M. Skretny. Renaud’s actions have left many questioning the integrity of his business practices and the consequences of his actions. The case serves as a reminder of the importance of tax compliance and the consequences of tax evasion.
Key Facts
- State: New York
- Category: White Collar Crime
- Source: DOJ Press Release ↗
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