Boston - A Wilmington man appeared today in federal court on charges that he filed false tax returns for allegedly failing to report $2.7 million in commission payments.
Gregg D. Caplitz, 52, who was indicted last week by a grand jury on five counts of filing a false tax return, made his initial appearance in court and was released on a $100,000 unsecured bond.
The indictment alleges that from 2003 through 2007, Caplitz received $2.7 million in commission payments for his work selling insurance policies or other investment products to clients. However, in his individual tax returns, Caplitz reported only $189,000 for those tax years.
If convicted on these charges, Caplitz faces up to three years in prison to be followed by one year of supervised release and a fine of up to $2.4 million.
United States Attorney Carmen M. Ortiz and William P. Offord, Special Agent in Charge of the Internal Revenue Services Criminal Investigation in Boston made the announcement. The case is being prosecuted by Assistant U.S. Attorney Sandra S. Bower of Ortiz’s Economic Crimes Unit.
The details contained in the indictment are allegations. The defendant is presumed to be innocent unless and until proven guilty beyond a reasonable doubt in a court of law.
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