MORTGAGE BROKER GUILTY OF TAX EVASION

A former Wayne, N.J., resident who operated a mortgage and real estate business pleaded guilty to tax evasion, admitting that he failed to report to the IRS nearly $836,500 of income.

Russell Mainardi, 51, of Hyland Mills, N.Y., admitted that 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.

He faces up to five years in prison and a $250,000 fine.

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3 Responses to “MORTGAGE BROKER GUILTY OF TAX EVASION”

  1. Phillip Delano Says:

    Mr. Mainardi took responsibility for his employees who committed the fraud. Kudos to Mr. Mainardi! The government leaves the responsibility for a company and it’s employees on it’s owner. I am familiar with the case and what was reported is exactly what they want you to know. Nothing more. Nothing less.

  2. Tatiana Says:

    Very useful post. where can i find more articles about this issue?

  3. GreerHolly18 Says:

    Some specialists argue that credit loans aid a lot of people to live their own way, because they can feel free to buy necessary things. Moreover, different banks give short term loan for different persons.

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