He concealed about $2.1 million in profits from the IRS.
A California real estate investor was found guilty at trial of three federal criminal tax charges.
John W. Rampello, 71, of Santa Ana, California, was an established and successful property flipper of foreclosed homes in Orange County since the mid-1990s.
During the tax years 2014 through 2016, Rampello and his partners flipped approximately 170 homes, with Rampello’s portion of the profits being approximately $2.1 million.
According to trial evidence, Rampello and his business partners kept detailed records of their property flip activities, including the profits Rampello made on each property. But Rampello concealed this information from his income tax return preparers and did not tell them that he was involved in the property flipping business.
He faces up to nine years in prison.