Massachusetts Banker Faces Tax Charges
A bank director from Westford, Massachusetts, was recently charged with tax evasion, but agreed to a plea deal pending approval.
Michael Schiavo, 53, is accused of using a bank account in Bermuda from 2003 to 2008, and did not report money deposited to the federal government, according to a report.
The Boston Private Bank and Trust Co. employee is accused of investing in a venture capital program and had the funds - nearly $100,000 - sent to the offshore financial institution, The Boston Herald reported. The Internal Revenue Service allegedly lost nearly $41,000 in tax payments.
The U.S. Attorney's Office told the news source Schiavo agreed to sign a plea deal with prosecutors, pending the approval of a judge, the news source reported. If the plea deal is finalized, Schiavo would pay the federal government approximately $76,000. The fine stems from his failure to file a Foreign Bank and Financial Accounts notice with the U.S. Department of the Treasury.
In addition, Schiavo could face a maximum sentence of five years in prison, $250,000 in fines and three years of supervised release, the news source added.