Local surgeon accused of income tax evasion

[existentialist]

http://www.rapidcityjournal.com/news/article_7efaea06-cc0b-11df-8ad5-001cc4c002e0.html

Local surgeon accused of income tax evasion

Andrea Cook Journal staff rapidcityjournal.com | Posted: Wednesday, September 29, 2010 11:30 pm | (11) Comments

The Internal Revenue Service arrested a Rapid City surgeon Tuesday on charges of cheating the IRS out of more than $800,000 over 13 years.


Dr. Edward Picardi, who lives in Sturgis, pleaded not guilty to five counts of income tax evasion at his arraignment Tuesday afternoon in front of U.S. District Court Magistrate Judge Veronica Duffy. If convicted, he faces five years in federal prison for each count.


"I feel very confident," the thorasic and vascular surgeon said Wednesday after being reached at his office at 101 E. Minnesota St.
In a five-year period between 1999 and 2003, Picardi is alleged to have earned more than $2.6 million, but managed to divert $811,000 in income tax he owed by claiming losses of more than $2.7 million.