Schaumburg Real Estate Executive Guilty of Evading More Than $550,000 in Personal Income Taxes
CHICAGO — The owner of a Schaumburg real estate appraisal company pleaded guilty in federal court today to willfully failing to pay more than $550,000 in personal income taxes.
WILLIAM DADDONO, the owner of Advanced Appraisal Group, admitted in a plea agreement that from 2005 to 2010 he failed to pay taxes on more than $1.92 million in personal income. Daddono attempted to conceal the earnings by having the money deposited in a corporate account held in the name of a defunct business that he previously owned.
Daddono, 59, of Palatine, pleaded guilty to one count of willfully attempting to evade and defeat the payment of federal income tax. The conviction carries a maximum sentence of three years in prison and a maximum fine of $250,000 or twice the gross gain or gross loss resulting from the offense, whichever is greater.
U.S. District Judge Sharon Johnson Coleman scheduled a sentencing hearing for June 10, 2016.
According to the plea agreement, Daddono owned and operated AAG and later American Appraisal Consultants, both of which were based in Schaumburg and provided real estate appraisal services. Daddono caused the companies to issue checks to Real Property Valuations, a defunct Illinois business that Daddono previously owned. To conceal the scheme, Daddono instructed employees of AAG and AAC to record the checks as corporate expenses.
As the sole signatory on a bank account held in the name of Real Property Valuations, Daddono was able to deposit the checks and then withdraw the money for personal use, according to the plea agreement. Daddono failed to report the amounts paid to him by AAG and AAC as income on his individual federal tax returns.
The guilty plea was announced by Zachary T. Fardon, United States Attorney for the Northern District of Illinois; James D. Robnett, Special Agent-in-Charge of the Internal Revenue Service Criminal Investigation Division in Chicago; and Michael J. Anderson, Special Agent-in-Charge of the Chicago Office of the Federal Bureau of Investigation.
The government is represented by Assistant U.S. Attorney Sheri Mecklenburg.