David B. Fein, United States Attorney for the District of Connecticut, today announced that DOMINIC J. ACQUARULO, JR., 42, of Guilford, waived his right to indictment and pleaded guilty yesterday, March 13, before United States District Judge Janet Bond Arterton in New Haven to illegal gambling and tax offenses.
According to court documents and statements made in court, between 2006 and 2008, ACQUARULO operated an illegal sports bookmaking business that involved a number of sub-bookmakers, each of whom had a network of bettors. As part of his gambling business, ACQUARULO used two online betting websites and he provided each sub-bookmaker with passwords to the sites so that each bettor in their network would be able to place bets through an individual account. On behalf of ACQUARULO, the sub-bookmakers collected losses from the bettors and paid out any winnings. The sub-bookmakers received a 10 percent commission on losses they collected from bettors, and they provided the remaining funds to ACQUARULO.
ACQUARULO also utilized at least two other individuals to receive and count funds collected from the sub-bookmakers, and to provide funds to sub-bookmakers to pay out to winning bettors.
Between 2006 and 2008, ACQUARULO also operated Shoreline Finance and Marketing Corporation, a mortgage brokerage company. During this time, ACQUARULO employed a close associate as a mortgage loan officer at the business. With ACQUARULO’s knowledge, his associate used corporate credit cards and corporate checks to pay for numerous personal expenses, including rent for her apartment, car lease payments, jewelry, and clothing. She then classified these payments and purchases, which totaled more than $19,000, as business expenses in the bookkeeping records of the business. As a result, ACQUARULO underreported his income generated from his business on his 2007 individual income tax return, resulting in a tax loss of $6,170.
In addition, ACQUARULO’s gross income in 2008 was $178,860, but he failed to file a 2008 tax return by October 15, 2009, as required. ACQUARULO filed his Form 1040 in May 2010, approximately 10 months after he was interviewed by federal agents and informed of this pending investigation.
ACQUARULO pleaded guilty to one count of operating an illegal gambling business, one count of filing a false tax return, and one count of willfully failing to timely file a tax return. Judge Arterton has scheduled sentencing for June 1, 2012, at which time ACQUARULO faces a maximum term of imprisonment of nine years and a fine of up to $600,000.
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