Nifty Fifty's Accountant Pleads Guilty to Tax Evasion

The accountant for the Nifty Fifty's restaurant chain on Monday pleaded guilty to conspiracy to commit tax evasion.

William J. Frio, 58, of Springfield Township, Pa. is the sixth defendant to plead guilty in what prosecutors said was Nifty Fifty's scheme to avoid paying millions of dollars in personal and employment taxes. The restaurant chain failed to properly account for more than $15 million in gross receipts, evading federal taxes of $2.28 million.

Frio also pleaded guilty to filing his own false tax returns, aggravated structuring of financial transactions and loan fraud.

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