Morganville executive to be sentenced for tax, bankruptcy fraud
Cheating the tax man for almost a half-million dollars might cost a Morganville trucking company executive hefty prison time.
In a Trenton federal court room, Giacomo Giorlando, 54, pleaded guilty to three counts of tax evasion and one count of bankruptcy fraud, according to Acting New Jersey U.S. Attorney William E. Fitzpatrick.
Each charge has a potential five-year sentence and $250,000 fine, Fitzpatrick's office said. Sentencing is scheduled for November 17 of this year.
Giorlando co-owned 4 G's Trucking, a wine-delivery business. Giorlando admitted mixing business profits with personal funds in several bank accounts, using a check-cashing service to redeem business checks, and inflating expense entries on his tax forms to reduce his taxable income for 2011, 2012 and 2014. Giolando admitted being responsible for a $460,012 tax loss.
He also admitted fudging the figures of at least 10 TD Bank accounts, and one Provident Bank account, when he filed for bankruptcy in May 2014. The false information allowed his bankruptcy to be approved, authorities said. Giorlando was let go on March 13, 2015.
Senior Litigation Counsel V. Grady O'Malley of the U.S. Attorney's Office in Newark presented the state's case. Giorlando was represented by Haddon Heights attorney Rocco C. Cipparone, Jr.