A former Far Hills, N.J., councilman who served as the town council’s police commissioner pleaded guilty to conspiring to launder approximately $700,000 in what he believed to be the proceeds of loan sharking and illegal gambling as part of a scheme to defraud the IRS of more than $200,000 he owed in personal income taxes.Thomas A. Greenwald, 53, admitted that he was introduced to two individuals allegedly involved in loan sharking and illegal gambling activities. Greenwald later learned they were undercover FBI agents.
After meeting the undercover FBI agents, Greenwald informed a friend who introduced the two men that he wished to launder $700,000 to create expenses related to an oil tank business he had sold in late 2004 so that he could falsely reduce the amount he owed in personal income taxes for calendar year 2004.
The money laundering count carries a maximum penalty of 20 years in prison, while the conspiracy to defraud the IRS count carries a maximum penalty of 5 years. He faces a fine of up to $250,000 for both counts.
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