News

Lutherville Commercial Realtor Indicted For Filing False Tax Returns


Allegedly Owes Approximately $900,000 in Taxes

FOR IMMEDIATE RELEASE
MARCH 27, 2008

Baltimore, Maryland - A grand jury indicted commercial real estate broker Henry Cole, age 55, of Lutherville, today for filing three false federal tax returns, announced United States Attorney for the District of Maryland Rod J. Rosenstein.

According to the three count indictment, Cole filed individual federal tax returns for tax years 2001 to 2003 in which he falsely claimed $2 million as capital gains to be offset by carry-forward losses, when in fact the money was ordinary income; falsely claimed a portion of an $800,000 charitable deduction for an easement donated to a trust, when in fact he had failed to donate the easement and the easement had not been appraised for $800,000; and falsely claimed $345,000 of business expenses which he in fact had not incurred. He also failed to include an additional $98,200 in income on his 2003 tax return.

As a result, the indictment alleges that Cole owes approximately $900,000 in taxes.

Cole faces a maximum sentence of three years in prison and a fine of $100,000 on each of the three counts. No court appearance has been scheduled for Cole.

An indictment is not a finding of guilt. An individual charged by indictment is presumed innocent unless and until proven guilty at some later criminal proceedings.

United States Attorney Rod J. Rosenstein thanked the Internal Revenue Service - Criminal Investigation for their investigative work. Mr. Rosenstein commended Assistant United States Attorneys Joyce K. McDonald and A. David Copperthite, who are prosecuting the case.

 

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