ROCHESTER, NY—U.S. Attorney William J. Hochul, Jr. announced today that Gary Shapoff, 61, of Pittsford, New York, pleaded guilty before U.S. District Judge Charles J. Siragusa, to money laundering and tax fraud statutes. Money laundering carries a maximum penalty of 10 years in prison, a fine of up to $5,000,000, or both. Tax fraud carries a maximum penalty of three years, a fine of $100,000, or both.
Assistant U.S. Attorney Bradley E. Tyler, who handled the case, stated that between January 2004 and July 2008, the defendant participated in a scheme to defraud investors who had invested approximately $2.5 million in international currency trading investments through the company Atwood & James S.A. During the course of the scheme, Shapoff used the mail and wire communications to facilitate the execution of the fraud. He also used illegally obtained investor proceeds to promote the scheme, in violation of the federal money laundering provisions, and did not report the gains that he made from the fraud on his individual tax returns.
“This marks the third case in the last two days in which investors turned over their hard earned money to someone they trusted,” said U.S. Attorney Hochul. “I urge the public to be cautious, do your homework, know exactly who it is that you are giving your money to and do not be afraid to ask questions.”
Friday, September 16, 2011
Gary Shapoff Pleads Guilty to Money Laundering and Tax Fraud
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Report IRS Tax Fraud by Calling 1-888-482-6825 or by visiting
www.irsrewards.com
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