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Raimondo Schiano, 55, admitted diverting unreported income from Biagio’s Trattoria in Lacey Township to his personal account for four straight years, beginning in 2014, during a video conference with a federal judge in Trenton on Wednesday, Special IRS Agent Robert Glantz said.
None of the diverted funds was reported as income on either the corporate tax returns for the Lanoka Harbor restaurant or on Schiano’s personal tax returns, Glantz said.
As a result, Schiano, of Forked River, failed to report $459,388.37 of taxable income on the corporate tax returns and $404,654.39 of taxable income on his personal tax returns, he said.
U.S. District Court Judge Freda L. Wolfson scheduled a Nov. 24 sentencing for Schiano’s guilty plea – secured by Assistant U.S. Attorney Andrew Macurdy -- to one count of filing false personal and corporate tax returns for the years 2014 through 2018.
“Diverting income and failing to report it is not tax planning -- it is tax cheating,” said Michael Montanez, the special agent in charge of IRS-Criminal Investigation’s Newark field office. “Business owners have a responsibility to accurately report their income and pay their fair share.”
Montanez’s and U.S. Attorney Craig Carpenito’s offices investigated.
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