Owner of Wildwood Crest Pizza Restaurant Admits Filing False Income Tax Returns
CAMDEN – The owner of a Wildwood Crest, pizzeria today admitted five counts of filing a false income tax return, U.S. Attorney Craig Carpenito announced.
Officials say Giuseppe D’Arancio, 60, of Cape May Court House, pleaded guilty before U.S. District Judge Joseph H. Rodriguez in Camden federal court to an information charging him with five counts of filing a false income tax return for tax years 2012 through 2016.
According to the documents filed in this case and statements made in court:
D’Arancio and another individual owned and operated a pizzeria and kept two sets of accounting books. For tax years 2012 through 2016, D’Arancio knowingly filed false tax returns, which underreported the pizzeria’s taxable income by approximately $1.2 million. As a result, D’Arancio failed to pay more than $425,000 in income taxes, according to officials.
Each of the five counts of filing a false tax return carries a maximum potential penalty of three years in prison, and a fine of the greater of $100,000, twice the gross profits to D’Arancio or twice the gross losses to the victim of his offense. Sentencing is scheduled for May 4.
U.S. Attorney Carpenito credited special agents of IRS-Criminal Investigation, under the direction of Special Agent in Charge John R. Tafur, with the investigation leading to today’s guilty plea.