Philadelphia Man Charged in Financial Fraud and Tax Scheme
|U.S. Attorney’s Office January 23, 2014|
Leonard Stango, 66, of Philadelphia, Pennsylvania, was charged today by indictment with aggravated structuring of financial transactions and filing false tax returns, announced United States Attorney Zane David Memeger. It is alleged that between 2006 and 2009, Stango participated in a sports bookmaking operation in which he received more than $5 million in proceeds from bettors. The indictment charges that Stango then withdrew approximately $2.5 million in amounts of $10,000 or less in order to avoid his banks’ currency transaction reporting requirements. It is alleged that Stango did not report any income from his bookmaking activities on his federal income tax returns for 2006 through 2008, and as a result, he underreported his income in each year by several hundred thousand dollars.
If convicted, the defendant faces a maximum possible sentence of 22 years of imprisonment, three years of supervised release, a $900,000 fine, a $500 special assessment, and criminal forfeiture.
The case was investigated by the Internal Revenue Service-Criminal Investigations and the Federal Bureau of Investigation and is being prosecuted by Assistant United States Attorney Nancy E. Potts.
An indictment, information, or criminal complaint is an accusation. A defendant is presumed innocent unless and until proven guilty.