Beachwood chiropractor evaded taxes on $1.5M laundered in Russian bank

[TexasTowelie]

TRENTON - A former Ocean County chiropractor facing state prison for laundering $1.5 million in criminal proceeds through a Russian bank account on Wednesday pleaded guilty in federal court to evading taxes on that money.

Carlo Amato, 57, of Beachwood, who formerly operated a chiropractic office in Lakewood, appeared before U.S. District Judge Michael A. Shipp and pleaded guilty to one count of tax evasion and one count of failure to report a foreign financial account as part of a pattern of illegal activity involving more than $100,000 in a 12-month period, U.S. Attorney Craig Carpenito said.

Amato operated his Lakewood chiropractic office from 2012 through 2014 through two entities, Chiropractic Care Consultants Inc. and Accident Recovery Physical Therapy, according to documents.

He deposited checks for chiropractic services into accounts held in the names of his minor children, knowing the checks represented taxable income, but he did not report the income on his tax returns, according to documents and statements made in court.

Read more: https://www.app.com/story/news/local/courts/2018/09/19/chiropractor-admits-evading-taxes-illegal-proceeds-sent-russia/1362566002/

[TomSlick]

1. Whoa, wait.

A chiropractor made $1.5 million over three years.

Damn, I'm in the wrong racket.

[Leghorn21]

2. Oh FUN, I'm beginning to love that ole "tax evasion"!

snip

From 2012 through 2015, Amato operated a chiropractic office in Lakewood through two entities: Chiropractic Care Consultants Inc. and Accident Recovery Physical Therapy. He deposited, or caused to be deposited, checks for chiropractic services into accounts held in the names of his minor children. Amato knew that these checks were taxable as income, but he did not disclose the payments to his accountant, nor did he report them on his tax returns. Amato also failed to report as taxable income certain additional funds that were deposited into Chiropractic Care’s and Accident Recovery’s business bank accounts. For example, Amato reported $0 in taxable income and $0 in tax due on his 2014 income tax return. His taxable income for 2014 was, in fact, $561,258, and Amato admitted that the tax due and owing to the IRS for 2014 was $197,036. Amato admitted that he also evaded more than $300,000 in taxes for the tax years 2012, 2013, and 2015.
More:
https://www.justice.gov/usao-nj/pr/former-ocean-county-chiropractor-admits-income-tax-evasion-and-failure-file-report

...so why was he using a Russian bank for his laundering needs?? hmmmm

I wonder if any of Mr. Amato’s “associates” might have something more to tell us about this operation- ? hmmmm!

Thanks, Texas!