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Press Release

Former Insurance Salesman Arrested for Tax Evasion

For Immediate Release
U.S. Attorney's Office, District of Massachusetts

BOSTON – A former insurance salesman was arrested this morning in connection with the theft of more than $500,000 he stole from three clients.

Paul Disidoro, 64, of Georgetown, Mass., was charged in a criminal complaint with attempting to evade income taxes.  He is scheduled to appear in U.S. District Court in Boston at 3:30 p.m. today before U.S. District Court Magistrate Judge M. Page Kelley.

The complaint alleges that for many years Disidoro operated an insurance business from his home, and that he sold fixed annuities for Sun Life Financial.  From 2007 through 2010, Disidoro stole $515,597 from three of his clients and used the money for his personal benefit, including spending more than $100,000 for online horse race betting.  Disidoro did not report any of the stolen funds as income on his federal income tax returns and did not pay any taxes on the funds.  Instead, Disidoro filed tax returns reporting only the commissions he had received from various insurance companies, which the insurance companies also had reported, as required, to the IRS.

The charge of tax evasion provides a sentence of no greater than five years in prison, three years of supervised release, a fine of $250,000, or twice the gross gain or loss, whichever is greater.  Actual sentences for federal crimes are typically less than the maximum penalties.  Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and other statutory factors.

United States Attorney Carmen M. Ortiz; William P. Offord, Special Agent in Charge of the Internal Revenue Service’s Criminal Investigation in Boston; and Anthony DiPaolo, Chief of Investigations of the Insurance Fraud Bureau of Massachusetts, made the announcement today.  The case is being prosecuted by Assistant U.S. Attorney Sandra S. Bower of Ortiz’s Economic Crimes Unit.

The details contained in the complaint are allegations.  The defendant is presumed innocent unless and until proven guilty beyond a reasonable doubt in a court of law.

Updated September 4, 2015

Financial Fraud