NEWARK, NJ – A Bayonne man’s failure to file a tax return on more than $1.3 million in income has landed him an 18-month prison sentence, U.S. Attorney Craig Carpenito announced Wednesday.
According to court documents Patrick Franconeri, 57, was the owner and operator of several construction businesses that performed work for a major insurance company in New Jersey. His guilty plea to the charges of tax evasion and concealment of assets in bankruptcy reflected the man’s effort to avoid paying more than $558,000 in taxes including by hiding the income through his use of check-cashing facilities so that the earnings would not come to the attention of the IRS.
Franconeri also filed a Chapter 7 bankruptcy petition in U.S. District Court in Newark on March 11, 2010, but knowingly and fraudulently concealed property belonging to his bankruptcy estate from the United States Trustee. Franconeri concealed and failed to disclose his ownership and operation of his construction companies, as well as $965,575 in income he had received in the prior two years as the owner and operator of his construction companies.
In addition to the prison term, Franconeri was also sentenced to three years of supervised release and ordered to pay restitution of $716,569 to the victims of his bankruptcy offense and $558,349 in restitution to the IRS.
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