Stephen G. Genakos, the sole owner of the Sportsmans Grille in Virginia, was indicted on nine counts of tax fraud, for allegedly skimming over $670,000 in cash from the restaurant beginning in 2016. He is accused of depositing more than $112,000 of the skimmed cash into his personal bank accounts, and gambling over $502,000 with the Virginia Lottery.
In 2020, Genakos listed the Sportsmans Grille for sale, and a year later was contacted by undercover IRS agents. During a conversation with the agents, Genakos made jokes about his “magic book” and eventually provided the agents with the true books and records of the restaurant.
Genakos filed nine false tax returns for himself and his business for 2016 through 2020, understating his taxable income and causing a tax loss to the IRS of approximately $113,163.
Genakos faces a maximum sentence of 27 years in prison, three years for each false tax return, and restitution of $113,163, plus penalties and fees.
