Construction firm owner didn’t report $1.1M income
NEWARK, N.J. (AP) — The owner of a northern New Jersey construction company has admitted underreporting more than $1 million diverted from his business for his personal benefit.
Federal prosecutors say Juan Larino, a 53-year-old West New York resident who owns Larino Masonry, pleaded guilty Wednesday to filing a false federal personal income tax return. He faces three years in prison when he’s sentenced Sept. 29.
Prosecutors say Larino admitted cashing some checks that were made payable to his firm and using that money for his own purposes, instead of depositing the checks into his firm’s bank accounts.
Larino failed to report about $1.1 million that the company earned when he filed his company’s tax returns for 2010 and 2011, resulting in a tax loss to the United States of $200,000 to $400,000.
As part of his plea, Larino must make full restitution for all losses resulting from his false tax returns. He also will forfeit $575,000 in a related civil case with the U.S. Attorney’s Office