Owner of Mike’s Famous Roast Beef & Pizza Pleads Guilty to Failing to Report $1.9 Million in Business Receipts

BOSTON – The owner of Mike’s Famous Roast Beef & Pizza in North Reading pleaded guilty today in federal court in Boston to committing tax fraud by failing to report approximately $1.9 million in business receipts.    

Emanuel Panousos, a/k/a Mike Panousos, 43, of Peabody, pleaded guilty to two counts of aiding and assisting in filing false corporate tax returns. U.S. Senior District Court Judge Douglas P. Woodlock scheduled sentencing for Aug. 15, 2019.

Panousos is the sole owner of Mike’s Famous Roast Beef & Pizza in North Reading.   From 2013 through 2015, Panousos skimmed business cash receipts totaling about $1.9 million, and failed to report those cash receipts to his tax preparer or on the restaurant’s corporate tax returns. As a result, Panousos avoided paying both corporate and personal taxes totaling approximately $387,180 during those years. 

The charge of aiding and assisting the filing of false tax returns provides for a sentence of no greater than three years in prison, one year of supervised release, and a fine of $250,000 or twice the gross gain or loss, whichever is greater. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and other statutory factors.  

United States Attorney Andrew E. Lelling and Kristina O'Connell, Special Agent in Charge of the Internal Revenue Service’s Criminal Investigations in Boston made the announcement. Assistant U.S. Attorney Mark J. Balthazard of Lelling’s Securities and Financial Fraud Unit is prosecuting the case.