In Dorchester, Massachusetts, a 78-year-old co-owner of a Mattapan plumbing and heating company named Poles was charged with four counts of filing false tax returns. The charges were brought against Poles by the U.S. Attorney for Massachusetts, Joshua S. Levy. It is alleged that Poles used unreported money to purchase over $10 million in gold and silver bars for himself, which he did not disclose to his tax preparer.
According to the U.S. Attorney’s office, Poles did not accurately report his company’s gross business receipts to his tax preparer, who then submitted false tax returns on behalf of the company. This allowed Poles to buy the gold and silver bars using the unreported money, covering the purchases under false descriptions like “Boilers,” “Materials,” and “P&H Supp” on business checks to conceal the transactions.
Between 2019 and 2022, it is claimed that Poles also fraudulently reported losses in his individual tax returns while omitting the income he received from purchasing precious metals through his business. Filing a false tax return is considered a serious offense that can lead to a prison sentence of up to three years as per U.S. Attorney’s office guidelines.
The investigation into Poles and subsequent charges serve as a reminder of the consequences of engaging in tax fraud schemes and how legal actions can be taken against individuals involved in such activities.
In conclusion, it is important for individuals and businesses alike to accurately report their gross business receipts and maintain transparency when dealing with financial transactions involving precious metals or other valuable assets.
The investigation into Poles highlights how authorities are cracking down on tax fraud cases and taking legal action against individuals found guilty of misrepresenting their financial information on tax returns.
Poles’ case serves as a stark reminder that engaging in fraudulent activities can lead to serious consequences such as imprisonment for up to three years according to U.S. Attorney’s office guidelines.
Furthermore, this case emphasizes the importance of honesty when dealing with financial transactions involving valuable assets like gold or silver bars.