Saturday, October 31, 2020

Philadelphia cheesesteak restaurant founder, son indicted for $8m tax evasion scheme

-

The founder of an iconic Philadelphia cheesesteak restaurant and one of his sons have been indicted on federal tax evasion and fraud charges for allegedly hiding nearly $8 million in sales over the course of a decade.

A spokesperson for the Eastern District of Pennsylvania U.S. Attorney’s office announced the charges Friday against 82-year-old Anthony Lucidonio Sr., and his son, 54-year-old Nicholas Lucidonio, two owners of the well-known cheesesteak and sandwich shop Tony Luke’s. The indictment alleges the pair kept two sets of books to try to defraud the Internal Revenue Service as well as failed to record thousands of dollars in cash transactions.

The face of Tony Luke’s, the bald and goatee-sporting Anthony Lucidonio Jr., known as Tony Luke Jr., was not named in the indictment. He split from his father and brother in 2015, followed by a public sometimes personal court battle over franchising agreements and recipe ownership.

Court documents did not yet show an attorney for the father and son indicted Friday.

- Advertisement -

Federal authorities charged the pair who live in New Jersey with conspiracy to defraud the IRS, four counts of tax evasion and aiding and 19 counts of assisting in the filing of false tax returns.

The indictment alleges the two hid the millions of dollars by depositing only some of Tony Luke’s receipts into business accounts, not sharing all sales with their accountant and filing fraudulent tax returns for the business and individually. They are also accused of paying some employees a portion of their wages off the books to avoid employment taxes. The scheme started in 2006 and continued through the family split and into 2016, authorities said.

During that split, the pair revised the prior year’s tax returns to show more sales but also reported fraudulent expenses to offset them, according to the indictment.

If convicted, the two face up to five years in jail for each count of tax evasion and three years for each false return charge. Both also face more than $6 million in fines.

- Advertisement -

Original article on abcnews.com

MUST READ

Actress Lori Loughlin begins 2-month prison sentence for role in college admissions scam

Actress Lori Loughlin reported to a federal prison in Northern California on Friday to start a two-month sentence for her role in a massive...

FirstEnergy fires CEO, other executives over Ohio bribery scandal

FirstEnergy Corp. has fired its CEO amid multiple federal investigations related to an Ohio nuclear bailout law passed year. The Akron-based utility company announced in a...

Ukraine’s court strips critical power from anti-corruption agency

Ukraine's Constitutional Court has stripped the country’s anti-corruption agency of some of its critical powers. The high court’s ruling published on October 28 declared it...

Former South Korean President Lee Myung-bak sent back to prison for 17 years in corruption case

Former South Korean president Lee Myung-bak was ordered back to prison on Thursday (Oct 29) as the country's Supreme Court upheld a 17-year jail...

Nigerian court declines to issue international arrest warrant for fugitive ex-Petroleum Minister in corruption case

The Abuja Division of the Federal High Court, on Wednesday, refused an application by the Economic and Financial Crimes Commission, EFCC, for an arrest...

Subscribe For More

Get our daily notification on the latest financial crimes news around the World

Advertisement
Advertisement

Latest News

This Week

Spanish police arrests operator of Crypto Arbitrage firm Arbistar on fraud charges

The CEO of Arbistar the Spanish investment company, Santiago Fuentes, has been arrested and arraigned on charges of fraud, belonging to a criminal organization...

Ukraine’s court strips critical power from anti-corruption agency

Ukraine's Constitutional Court has stripped the country’s anti-corruption agency of some of its critical powers. The high court’s ruling published on October 28 declared it...

Bank of America blocks 350,000 accounts of unemployed Californians over suspected fraud

Thousands of Californians who get their EDD benefits through Bank of America debit cards are struggling to get answers after the bank froze nearly...

Julius Baer to deny two former CEOs their bonuses over money laundering scandal

Julius Baer will withhold millions of francs in bonuses from its former chief executives Boris Collardi and Bernhard Hodler, as a result of a...
Advertisement

Adblock Detected!

Our website is made possible by displaying online advertisements to our visitors. Please consider supporting us by whitelisting our website.

Enable Notifications    Ok No thanks