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Patrick Franconeri

Police & Fire
Bayonne Businessman Sentenced To Fed Pen In Tax, Bankruptcy Fraud Bayonne Businessman Sentenced To Fed Pen In Tax, Bankruptcy Fraud
Bayonne Businessman Sentenced To Fed Pen In Tax, Bankruptcy Fraud A Bayonne businessman man who used check-cashing businesses to hide hundreds of thousands in income he earned from his construction companies was sentenced to 18 months in federal prison on Wednesday. Patrick Franconeri, 57, must serve all of the plea-bargained sentence for tax evasion and bankruptcy fraud because there’s no parole in the federal prison system. Franconeri failed to file a tax return or request an extension for 2014 after earning taxable income of $1,362,950, on which he owed the IRS $558,439 in payments, U.S. Attorney Craig Carpenito said. He earned the money as the owner …

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by Jerry DeMarco
Police & Fire
Bayonne Businessman Admits To Multimillion Dollar Fraud, Tax Evasion Bayonne Businessman Admits To Multimillion Dollar Fraud, Tax Evasion
Bayonne Businessman Admits To Multimillion Dollar Fraud, Tax Evasion A Bayonne man who used check-cashing businesses to hide hundreds of thousands in income he earned from his construction companies pleaded guilty to tax evasion last week, the Newark office of the IRS said in a statement. Patrick Franconeri, 57, owned several firms based in New Jersey but failed to report any income from them in 2014. He admitted in court that he actually made more than $1.3 million that year, income for which he owes $558,439 in taxes, the IRS said. Franconeri also defrauded the bankruptcy courts, authorities said. In 2010, he filed for relief under Chapter 7 but failed to…

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by Paul Milo