Federal Prison (60-Months) Conviction for FBAR, Tax Fraud & Evasion
Conviction for FBAR: In a recent sentencing, a Chiropractor in New Jersey was sentenced to 60-months in federal prison due to failing to report income, and failing to report foreign accounts on the FBAR. Carlo Amato of New Jersey was sentenced to 60-months for failing to report income he earned from his business.
Failure to File FBAR
In addition to not reporting income, Mr. Amato also failed to report his bank account in Russia.
The value of the account was $1.5 million, and Defendant acknowledged that he was aware there was a reporting requirement, but that he did not report the account.
Key Excerpts from the Case
“From in or about January 2012 to in or about December 2015, defendant CARLO AMATO deposited, or caused to be deposited, into financial accounts associated with his minor children checks that were payments for services rendered by defendant CARLO AMATO and therefore were taxable as income.
Defendant CARLO AMATO, however, did not disclose to his tax preparer and did not report as income: (1) the funds that were deposited into financial accounts associated with his minor children and (2) certain additional funds that were deposited into Chiropractic Care’s and Accident Recovery’s business bank accounts.”
“During calendar year 2014, defendant CARLO AMATO had a financial interest in, and signature and other authority over, at least one financial account, having an aggregate value exceeding $10,000 at UniCredit Bank, a bank in Russia.”
“On or about April 9, 2018, defendant CARLO AMATO pled guilty to Count Fourteen of the Ocean Count Indictment, which charged defendant CARLO AMATO with First Degree Financial Facilitation of Criminal Activity.
Under oath, defendant CARLO AMATO admitted, among other things, that he had overbilled the six insurance companies by over $1 million and had wired in excess of $1.5 million to Russia during the period of January 1, 2013 through December 7, 2016.
Defendant CARLO AMATO further admitted that he understood that overbilling insurance companies is a crime and that those funds were therefore derived from criminal activity.
Golding & Golding, A PLC
We have successfully represented clients in more than 1000 streamlined and voluntary disclosure submissions nationwide, and in over 70-different countries.
We are the “go-to” firm for other Attorneys, CPAs, Enrolled Agents, Accountants, and Financial Professionals across the globe.