Operator of Precious Metals Brokerage in New York Found Guilty of Tax Evasion
Defendant Used Shell Corporations to Conceal Income
A federal jury sitting in Brooklyn, New York, convicted a former Brooklyn resident today of tax evasion and aiding and assisting in the preparation of false tax returns, announced Principal Deputy Assistant Attorney General Richard E. Zuckerman of the Justice Department’s Tax Division.
According to court documents and evidence presented at trial, in 2010 and 2011, Christopher Wolf operated Rothchild & Associates LLC, in Brooklyn, New York. Rothchild was in the business of selling precious metals to investors over the telephone. Wolf earned commissions from Rothchild, but took steps to conceal this income by directing that it be paid to shell corporations he created. Wolf then caused the filing of false individual and corporate income tax returns that underreported his commission income and claimed phony expense deductions. Wolf’s fraudulent conduct resulted in a tax loss of approximately $240,000.
Wolf faces a statutory maximum sentence of five years in prison for tax evasion and three years in prison for aiding and assisting the preparation or presentation of a false tax return. Wolf also faces a three-year period of supervised release, restitution and monetary penalties.
Principal Deputy Assistant Attorney General Zuckerman thanked special agents of IRS–Criminal Investigation, who conducted the investigation, and Trial Attorneys Sean Green and Mark Kotila of the Tax Division, who prosecuted the case.
Additional information about the Tax Division and its enforcement efforts may be found on the division’s website.