Former Financial Officer Of New Jersey-Based Equipment Company Sentenced To 18 Months In Prison For Filing False Corporate And Personal Income Tax Returns
FOR IMMEDIATE RELEASE
May 14, 2014
CAMDEN, N.J. – A former financial officer and president of General Glass Equipment Company in Galloway, N.J., was sentenced today to 18 months in prison for concealing his actual income on corporate and personal tax returns, including more than $700,000 he failed to report in 2004, U.S. Attorney Paul J. Fishman announced.
Frank A. Dominico, 68, of Linwood, N.J., previously pleaded guilty before U.S. District Judge Noel L. Hillman to an indictment charging him with filing false income tax returns. Judge Hillman imposed the sentence today in Camden federal court.
According to documents filed in this case and statements made in court:
Between 2004 and 2009, Dominico worked as a financial officer for General Glass and prepared their corporate income tax returns. During that time he was promoted from treasurer to president of the company.
For each tax year between 2004 and 2008, Dominico admitted he filed returns which reported only a portion of his income and, in some years, overstated his itemized deductions.
For instance, Dominico admitted that for 2004 tax year, he listed his compensation from General Glass as $51,334 on his personal tax return and $89,822 on General Glass’s corporate federal income tax return. In fact, Dominico failed to report an additional $722,000 in compensation for the 2004 tax year, which resulted in a tax loss to the United States of $129,710.
In addition to the prison term, Judge Hillman sentenced Dominico to serve one year of supervised release and ordered him to pay restitution of $840,321.
U.S. Attorney Fishman credited special agents of IRS-Criminal Investigation, under the direction of Acting Special Agent in Charge Jonathan D. Larsen, with the investigation leading to today’s sentencing.
The government is represented by Assistant U.S. Attorney Jason M. Richardson of the U.S. Attorney's Office Criminal Division in Camden.