Trucking Company Owner Sentenced To 18 Months In Prison For Tax Evasion And Bankruptcy Fraud
TRENTON, N.J. –The owner of a New Jersey trucking company was sentenced today to 18 months in prison for committing tax evasion and bankruptcy fraud while operating his wine delivery business, U.S. Attorney Craig Carpenito announced.
Giacomo Giorlando, 54, of Morganville, New Jersey, previously pleaded guilty before U.S. District Judge Peter G. Sheridan to an information charging him with three counts of tax evasion and one count of bankruptcy fraud. Judge Sheridan imposed the sentence today in Trenton federal court.
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.
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.
In addition to the prison term, Judge Sheridan sentenced Giorlando to three years of supervised release and ordered him to pay $750,000 in restitution to the IRS and $65,000 to victims of the fraud.
U.S. Attorney Carpenito 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