Man Admits to Tax Fraud, Income Tax Evasion
A former Wayne, N.J., resident who operated a mortgage and real estate business pleaded guilty to tax evasion, admitting he failed to report to the IRS nearly $836,500 of income — a portion of which represented proceeds from fraudulent mortgage transactions.
Russell Mainardi, 51, of Hyland Mills, N.Y., admitted he permitted mortgage loans to be made to borrowers based on false information submitted to the banks. He then directed commissions and proceeds from the real estate transactions to a company bank account that he used to hide the income from the IRS.
Mainardi pleaded guilty to a one-count information charging tax evasion. He faces up to five years in prison and a $250,000 fine.
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Tags: failure to report income, hiding income from IRS, tax evasion, tax fraud
