Co-Owner Of Multiple Companies Sentenced To 12 Months And A Day In Prison For Failing To Pay Over $1 Million In Payroll Taxes
CAMDEN, N.J. – A Camden County, New Jersey, man was sentenced today to 26 months in prison for evading more than $1 million in federal taxes, U.S. Attorney Philip Sellinger announced.
John Ryan, 63, of Cherry Hill, New Jersey, previously pleaded guilty before U.S. District Judge Joseph H. Rodriguez to an information charging him with one count of tax evasion.
Judge Rodriguez imposed the sentence today in Camden federal court.
According to documents filed in this case and statements made in court:
Ryan was working as an independent financial planner, helping to broker sales between clients and various financial businesses. One of these businesses engaged Ryan as a financial contractor to receive client funds on behalf of the business, and to operate and control one of its financial accounts. Ryan attempted to evade payment of his federal income taxes by converting the business and client funds in that account to his own personal income. By using the business account funds to satisfy expenses without the involvement of his personal bank accounts, Ryan was able to conceal the fact that he was withdrawing client funds and drawing checks on the business account in order to convert those funds to personal income. Ryan then purposely failed to report as income the cash he skimmed from the account, on which he was required to pay federal income taxes.
In addition to the prison term, Judge Rodriguez sentenced Ryan to two years of supervised release and ordered him to pay $1,058,859 in restitution to the government.
U.S. Attorney Sellinger credited special agents of IRS-Criminal Investigation, under the direction of Special Agent in Charge Tammy Tomlins, and special agents of the FBI with the investigation leading to today’s sentencing.
The government is represented by Assistant U.S. Attorney Lindsey R. Harteis of the U.S. Attorney’s Office in Camden, New Jersey.
Defense counsel: Joseph Marrone Esq. Cherry Hill, New Jersey