Casino Owner Admits Stiffing US on Taxes

Federal prosecutors say a New Jersey man has admitted evading taxes on millions of dollars he made from a casino he owned in Trinidad, costing the U.S. government nearly $1.3 million in losses.

David Migliore pleaded guilty Friday to complaint that accused him of evading taxes with respect to his 2011 personal tax return. The 50-year-old Brielle resident faces up to five years in prison when he's sentenced on March 20, 2014 and has agreed to pay the IRS $1,286,657.

Prosecutors say Migliore owned the Island Club Casino in Trinidad as well as several limited liability corporations in New Jersey. They say he earned millions from the casino between 2009 and 2011, but took several steps to conceal his income and assets.

During his court appearance, Migliore admitted using unreported bank accounts in Trinidad to deposit personal income and using U.S. bank accounts in the names of his New Jersey business entities to receive income from the casino. He also used those business entities to pay for personal expenses.

Migliore also admitted to transferring income from the casino directly to vendors in the U.S. for personal expenses and directing casino employees to wire his income to individuals in New Jersey, who collected the cash on his behalf.

 

Copyright AP - Associated Press
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