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N.Y. Precious Metals Brokerage Operator Found Guilty of Tax Evasion

N.Y. Precious Metals Brokerage Operator Found Guilty of Tax Evasion

According to the DoJ, a federal jury sitting in Brooklyn, New York, convicted a former Brooklyn resident today of tax evasion and aiding and assisting in the preparation of false tax returns.
 
According to court documents and evidence presented at trial, in 2010 and 2011, Christopher Wolf operated Rothchild & Associates LLC, in Brooklyn, New York. Rothchild was in the business of selling precious metals to investors over the telephone. 
 
Wolf earned commissions from Rothchild, but took steps to conceal this income by directing that it be paid to shell corporations he created, so that Rothchild would not have to issue form 1099 for these commissions. 
 
Wolf then caused the filing of false individual and corporate income tax returns that underreported his commission income and claimed phony expense deductions.  Wolf’s fraudulent conduct resulted in a tax loss of approximately $240,000.
 
Wolf faces a statutory maximum sentence of 5 years in prison for tax evasion and 3 years in prison for aiding and assisting the preparation or presentation of a false tax return.  Wolf also faces a three-year period of supervised release, restitution and monetary penalties.
 
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Read more at: Tax Times blog

 
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