December 29, 2017 — Former National Fish and Seafood president Jack Ventola will likely pay $1 million in restitution to the Internal Revenue Service (IRS) and face jail time after defrauding his former company, which is majority owned by Hong Kong-based conglomerate Pacific Andes International Holdings (PAIH).
Ventola was arrested on Nov. 23, 2015, in connection with failing to pay taxes on more than $2 million in income he earned from 2006 to 2009, according to the US attorney’s office for the district of Massachusetts. He was indicted on three counts of filing false tax returns and one count of conspiracy to defraud the IRS.
Ventola and two others, former National Fish senior sales executive Richard Pandolfo, and Michael Bruno, an accountant who didn’t work for the company but served on its board, face charges that include tax fraud in connection with an alleged scheme that reportedly charged the company for labor services never provided.
Pandolfo and Bruno pleaded guilty but have yet to be sentenced. Ventola had initially pleaded not guilty but later signed a plea agreement with prosecutors that was filed on Dec. 19. As part of that agreement, Ventola admitted to seven counts of making and subscribing a false tax return while prosecutors dropped three more serious charges: conspiracy, wire fraud and mail fraud.
For the charges he admitted to Ventola could face a maximum of three years in prison, three years supervised release, a $250,000 fine and restitution.
However, prosecutors will instead recommend a lesser prison sentence, a to be determined fine and $1.073m in restitution. Judge Douglas Woodlock is slated to sentence Ventola on March 27.
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