CEO Sentenced for Laundering, Evasion
A North Andover, Mass., man was sentenced to three years of probation for money laundering and filing a false tax return.
Frank P. Magliochetti, 50, must spend the first six months of his probation in home confinement, pay a $50,000 fine and $330,000 of restitution, and forfeit $1 million.
According to government evidence, Magliochetti, while in 2002 president of Med Diversified Inc., a home health care company that was then publicly traded on the American Stock Exchange, he laundered $330,000 in funds that he had converted from Med Diversified in order to conceal the source of those funds. In addition, Magliochetti filed a false tax return for 2002 in order to conceal the source of those funds and on that tax return falsely identified those funds as a capital gain.
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Tags: filing false federal tax return, tax evasion
