Tax Charges by Guilty Las Vegas Realtor Equals Prison and Hefty Fine
German A. Posada, of Las Vegas, pleaded guilty to charges of filing a false 2004 individual income tax return and making a false statement in a bankruptcy proceeding.
Posada admitted to filing a false individual income tax return for 2004 that underreported the income from his business as a real estate agent in the Las Vegas area.
From 2003 to 2005, Posada earned commission income from International Realty and another agency. He asked that International Realty issue some of his commission checks in the name of his then-girlfriend. Posada also admitted underreporting his business income on his 2003 filing and failed to file a timely 2005 filing, despite having approximately $557,212 in income in 2005.
In addition, Posada admitted to making false statements on his bankruptcy petitions about his income and creditors.
As part of his plea agreement, Posada agreed to pay restitution to the IRS in the amount of $212,016, and to pay restitution to any victims of the bankruptcy fraud, in an amount to be determined by the court at sentencing. He faces up to three years in prison on the tax charge and five years in prison on the bankruptcy fraud charge.
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