CT man gets prison for fraud and tax evasion. The victim lost more than $1 million. – Hartford Courant

A Bolton man was sentenced to more than 3 years in prison this week for fraud and tax evasion, according to federal authorities.

Mark Pagani, 61, was sentenced by U.S. District Judge Vanessa L. Bryant in Hartford to a total of 45 months in prison, to be followed by three years of supervised release, according to federal authorities.

Pagani conspired with a now late person who authorities named as “K.S.”, to “defraud a victim investor of more than $1 million,” federal authorities said in a statement. “K.S. arranged investment deals with the victim, including the purported acquisition of mortgages on properties. Pagani drafted documents to memorialize certain investment deals, accepted funds from the victim and held the funds in accounts he controlled, and he transferred funds to entities controlled by K.S. and others.”

Authorities said that, in association with a third investment, “the victim wired more than $1.3 million to an account Pagani controlled. These funds were comingled with other funds, which Pagani sent a portion of to an entity for the benefit of K.S. In order to conceal the fraud and to create the appearance that it was a legitimate investment, Pagani wired false interest payments to the victim.”

Pagani also “paid for personal and other expenses using his law firm account and underreported his income on his federal tax returns” for the 2014 through 2017 tax years, resulting in a tax loss of $181,702,” the statement said. Pagani had been a practicing attorney with an office in Wethersfield.

Pagani pleaded guilty on August 21, 2021 to one count of conspiracy to commit wire fraud, and one count of tax evasion, and Bryant will issue a restitution order at a date to be determined, the statement said.

Pagani is free on bond and must report to prison on January 13, 2023, according to federal authorities.

Source link

Leave a Reply

Your email address will not be published.