A Greene County man has been found guilty in a tax evasion conspiracy. The United States Department of Justice (DOJ) stated that 74 years old Joseph Radcliffe of Elka Park, has been found guilty of conspiracy with others to escape taxes on personal income that have been earned from stock sales.
The precedent stockbroker of Wall Street accepted that from almost 2013 to 2019, he was intrigued along with two family members to get hundreds of thousands of dollars that remained unreported to the Internal Revenue Service (IRS).
The Department of Justice stated that this permitted him to cheat the IRS and escape from payment of taxes on an amount of nearly $500,000 in unreported income.
The unreported income stemmed from capital gains earned in brokerage registers in the names of Crackerjack Classics LLC and Universal Consulting LLC.
These companies have made payments to Radcliffe along with:
- Amount of $128,147 for mortgage payments and interest to the bank that withheld the mortgage on Radcliffe’s house in Elka Park
- Payment of a sum of $109,022 to a New Jersey law firm to clear Radcliffe’s unpaid bills
- A payment of $99,675 in checks made out to “Cash,” which Radcliffe negotiated for himself or had others negotiate for him
Radcliffe also confessed that no tax return was filed by him for himself or that no income has been reported to the IRS for the fiscal years 2013 to 2019.
The DOJ stated that he has not even maintained any bank or brokerage accounts under his name, and he did not possess or transact any securities in his name.
Imprisonment of up to five years may be faced by Radcliffe including the maximum penalty of $250,000. DOJ stated that he will also be directed to pay compensation to the IRS. He is expected to be sentenced on 28th April next year.