Regan Tippett Charged with Filing False Tax Returns

Regan Tippett, 41, of East Lyme, is staring down federal prison time after being indicted on four counts of filing false tax returns, stemming from a four-year scheme to hide $260,000 in bail bond income.

The indictment, returned December 7, 2016, by a federal grand jury in New Haven, alleges Tippett, a partner at Statewide Bail Bonds, deliberately failed to report taxable earnings from 2009 through 2012. The unreported cash came directly from fees collected through the bail bond operation—a business built on risk, but one that still answers to the IRS.

Each count of filing a false tax return carries a maximum sentence of three years behind bars. If convicted, Tippett could face up to 12 years in federal custody, not to mention fines, restitution, and the collapse of his professional reputation.

Tippett appeared before U.S. Magistrate Judge Sarah A. L. Merriam in New Haven, where he entered a plea of not guilty. The court released him on a $50,000 bond, but the financial and legal noose is tightening.

The case was investigated by IRS Criminal Investigation in New England, the same unit that’s taken down tax cheats from Wall Street traders to underground cash operators. Prosecution is being handled by Assistant U.S. Attorney Douglas P. Morabito, a veteran in financial crime cases.

U.S. Attorney Deirdre M. Daly reminded the public that an indictment is not a conviction—only an allegation. But in federal court, indictments stick. And when the feds come after you for tax fraud, the numbers don’t lie.