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Maldini Electric owner gets 18 months for tax evasion
CONCORD — A Newington man, who evaded $467,977 in income taxes for the years 2004 through 2007, was sentenced in U.S. District Court to 18 months in prison and fined $50,000.
Renato Maldini, 55, pleaded guilty in January to four counts of tax evasion.
Maldini, who owns Maldini Electric Inc. in Greenland, failed to report $1,419,120 in earnings on federal tax returns he submitted for those four years. Instead, on joint returns with his wife, Maldini reported a total of $1,209,399 for that four-year period.
Prosecutors said the evasion technique Maldini used was to misrepresent to whom checks were issued. In all, said prosecutors, Maldini represented 123 non-payroll checks, totaling $1,419,120, as payments to a vendor when they were paid to himself and deposited into his personal bank account.
Maldini falsely recorded the purpose for each payment on the memo portion of the checks, check stubs and the electric company’s general ledger as a payment to a vendor.
The maximum penalty for Maldini’s offenses is five years in prison and a $100,000 fine.
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