Trucking company owners admits to tax scheme
Jul. 20, 2017
TRENTON, N.J. (AP) — A New Jersey trucking company owner has pleaded guilty in a tax evasion scheme.
Fifty-four-year-old Giacomo Giorlando, of Morganville, pleaded guilty to three counts of tax evasion and one count of bankruptcy fraud in federal court in Trenton on Wednesday. Giorlando faces up to 20 years in prison and a $250,000 fine.
Prosecutors say Giorlando was hiding at least 11 banks accounts he used for both business revenue and personal funds when he filed for bankruptcy in May 2014. Authorities say the 4 G's Trucking owner is responsible for a $460,012 tax loss because of concealed taxable income and inflated business expenses.
Sentencing is scheduled for Nov. 17.