Former Insurance Salesman Pleads Guilty to Tax Evasion
BOSTON – A former insurance salesman pleaded guilty today in U.S. District Court in Boston to tax evasion in connection with the theft of more than $470,000 that he stole from three clients.
Paul Disidoro, 64, of Georgetown, Mass., pleaded guilty to attempting to evade taxes. U.S. District Judge William G. Young scheduled sentencing for March 8, 2016.
For many years, Disidoro operated an insurance business in Massachusetts, including from 2007 through 2010 when he also acted as a financial adviser for some clients. During that period, Disidoro stole more than $470,000 from three clients, used the money for his personal benefit, concealed this income from his tax preparer, and failed to report the embezzled funds on his federal income tax returns. In so doing, Disidoro evaded $144,000 in taxes.
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.