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United States Attorney's Office District of Connecticut
Press Release

April 5, 2011

EAST LYME REAL ESTATE DEVELOPER
PLEADS GUILTY TO CRIMINAL TAX CHARGE

David B. Fein, United States Attorney for the District of Connecticut, announced that JEFFREY A. TORRANCE, 53, of Upper Pattagansett Road, East Lyme, pleaded guilty today before Senior United States District Judge Alfred V. Covello in Hartford to one count of filing a false federal income tax return for the year 2000.

According to court documents and statements made in court, TORRANCE has been self-employed as a golf course consultant and real estate developer.  TORRANCE also has served as the general partner of an entity known of the “Torrance Family Limited Partnership,” controlling the Partnership’s assets and bank accounts.  In 2000, TORRANCE sold four properties in Jaffrey, New Hampshire, on behalf of the Partnership.  The proceeds of these sales were then deposited into the Partnership’s bank accounts.  In May 2002, TORRANCE knowingly and willfully filed a false federal income tax return for 2000 by failing to report $65,150 in income he received from the Partnership or an entity owned by the Partnership.  The income was derived, in part, from checks that TORRANCE wrote payable to himself, his wife and a contractor.

In pleading guilty, TORRANCE admitted that, in addition to owing approximately $18,242  in back taxes for the year 2000, he also owes approximately $70,961 in additional federal income taxes, penalties and interest for the years 1992, 1996, 1997, 1998 and 1999.

Judge Covello has scheduled sentencing for June 30, 2011, at which time TORRANCE faces a maximum term of imprisonment of three years and a fine of up to $250,000.

TORRANCE also has agreed to pay restitution to the IRS in the approximate amount of $89,203, plus any applicable penalties and interest, and any additional amount he may owe for the 2001 tax year.  He also must cooperate with the IRS to pay any additional outstanding taxes, interest and penalties, and to file all past due returns and timely file all future tax returns.

This case was investigated by the Internal Revenue Service –  Criminal Investigation.  The case is being prosecuted by Assistant United States Attorneys Lisa E. Perkins and Peter S. Jongbloed.

 

CONTACT:

 

U.S. ATTORNEY'S OFFICE
Tom Carson
(203) 821-3722
thomas.carson@usdoj.gov

 

 

 

 

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