Florida/Michigan business owner Vincent Celentano has been indicted for tax evasion, employment tax fraud and other financial crimes. Celentano is accused of using more than $360,000 from his businesses’ bank accounts to pay for personal expenses, including credit card payments and fuel and items for his yacht. That same year Celentano sold ownership in entities under his control for approximately 2.7 million dollars and asked for payment in a way that kept his accountants from accurately reporting the sale to the IRS. In addition, Celentano failed to file his individual tax returns from 2013 to 2016.
From 2013 to 2018 Celentano and others conspired to withhold payroll taxes from his employees and not pay the taxes to the IRS. The money was used to pay for business and personal expenses. When the IRS tried to collect, Celentano and his co-conspirators attempted to thwart their efforts and made false statements to the IRS about who was responsible for paying the taxes. Per the indictment Celentano failed to pay $217,000 in payroll taxes.
If convicted, Celentano faces a statutory maximum sentence of five years for each tax evasion and conspiracy charge, three years in prison for each count of failure to pay employment taxes, and a statutory maximum sentence of one year on each count of willful failure to file his personal tax returns.