Trucking Company Owner Admits Tax Evasion And Bankruptcy Fraud
TRENTON, N.J. –The owner of a New Jersey trucking company today admitted committing tax evasion and bankruptcy fraud while operating his wine delivery business, Acting U.S. Attorney William E. Fitzpatrick announced.
Giacomo Giorlando, 54, of Morganville, New Jersey, pleaded guilty before U.S. District Judge Peter G. Sheridan in Trenton federal court to an information charging him with three counts of tax evasion and one count of bankruptcy fraud.
According to documents filed in this case and statements made in court:
As an owner of 4 G’s Trucking, Giorlando comingled business revenue with his personal funds, utilized a check casher to cash business checks, deposited the proceeds of his business into various bank accounts, and then significantly inflated expenses to reduce his taxable income for the years 2011, 2012 and 2014. He admitted he was responsible for a $460,012 tax loss from those three years.
In addition, when Giorlando filed for bankruptcy in May 2014, he failed to accurately report his assets from at least 10 accounts at TD Bank and one account at Provident Bank that he maintained during the time frame covered by the bankruptcy. The bankruptcy was approved based upon this false and incomplete information. He was discharged on March 13, 2015.
The tax evasion and bankruptcy charges each carry a maximum potential penalty of five years in prison and a $250,000 fine. Sentencing is set for Nov. 17, 2017.
Acting U.S. Attorney Fitzpatrick credited special agents of the FBI, under the direction of Special Agent in Charge Timothy Gallagher, and IRS–Criminal Investigation, under the direction of Special Agent in Charge Jonathan D. Larsen, with the investigation.
The government is represented by Senior Litigation Counsel V. Grady O’Malley of the U.S. Attorney’s Office’s Criminal Division in Newark.
Defense counsel: Rocco C. Cipparone Jr. Esq., Haddon Heights, New Jersey