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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Tags: tax evasion