John H. Durham, United States Attorney for the District of Connecticut, announced that ANTHONY A. VALENTINO, 76, of Palm City, Florida, waived his right to be indicted and pleaded guilty today before U.S. District Judge Kari A. Dooley in Bridgeport to one count of tax evasion.
According to court documents and statements made in court, Valentino is a real estate investor who owns property in Connecticut and New York, including a 100-unit apartment complex in Naugatuck, Connecticut. From 2011 to 2013, Valentino deposited more than $1.1 million of rental real estate receipts, paid in cash or checks, into his personal bank accounts in Connecticut and New York, and failed to report the receipts on his personal and partnership federal tax returns.
For the 2011 through 2013 tax years, Valentino only reported $42,815 in taxable income on his tax returns, and he failed to report $1,008,125 in taxable income. As a result, he evaded payment of $302,449 in income taxes.
The investigation also revealed that, in 2013, Valentino made or caused to be made 27 cash deposits totaling $247,100 into his savings account in Connecticut. Many of the cash deposits, which ranged in amounts from $7,000 to $9,900, were made on the same day at different times, or on consecutive days.
Federal law requires all financial institutions to file a Currency Transaction Report (“CTR") for currency transactions that exceed $10,000. To evade the filing of a CTR, individuals will often structure their currency transactions so that no single transaction exceeds $10,000.
Judge Dooley scheduled sentencing for June 17, 2019, at which time Valentino faces a maximum term of imprisonment of five years.
Valentino has paid restitution to the U.S. Treasury of $302,339, but still owes substantial interest and penalties. He also has agreed to forfeit $100,000 related to his structuring of cash deposits.
Valentino was released on a $50,000 bond pending sentencing.
This matter was investigated by the Internal Revenue Service, Criminal Investigation Division, U.S. Immigration and Customs Enforcement’s Homeland Security Investigations, and the Hartford and Stamford Police Departments. The case is being prosecuted by Assistant U.S. Attorney Peter S. Jongbloed.
Source: U.S. Department of Justice, Office of the United States Attorneys
