Thomas Pacilio, Filing a False Tax Return, Connecticut 2023

Westport Investment Advisor Pleads Guilty to Filing a False Tax Return

Thomas Pacilio, a 64-year-old Westport resident, has pleaded guilty to filing a false tax return in Connecticut. According to court documents, Pacilio, the co-founder of Clapboard Hill Advisors LLC, a financial services business based in Westport, omitted approximately $1,476,425 in installment payments related to the sale of Clapboard Hill Advisors to McGladrey Wealth Management LLC.

The payments, which were due between 2015 and 2018, resulted in a tax loss of $286,328 to the IRS. Pacilio’s guilty plea was accepted by U.S. District Judge Sarala V. Nagala in Hartford.

Pacilio’s scheme was uncovered by the Internal Revenue Service, Criminal Investigation Division. The case is being prosecuted by Assistant U.S. Attorney Heather L. Cherry.

Pacilio is currently out on a $350,000 bond pending sentencing, which is scheduled for April 6.

The offense carries a maximum term of imprisonment of three years. The tax loss incurred by the IRS totals $286,328, and the omitted payments were valued at approximately $1,476,425.

Pacilio’s guilty plea is a significant blow to the investment advisor community in Connecticut. It highlights the importance of transparency and accuracy in financial reporting.

Defendant: Thomas Pacilio, a 64-year-old resident of Westport, Connecticut. Criminal Charge: Filing a False Tax Return. Sentence: Pending (scheduled for April 6), with a maximum term of three years imprisonment.

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