A Monmouth County man was arrested last week after he was accused of hiding his real estate portfolio and failing to pay over $2 million in taxes he owed the IRS, authorities said
Matthew Tucci, 51, of West Long Branch, whom the Asbury Park Press identified as the son of West Long Branch Mayor Janet Tucci, was charged with willfully attempting to evade the payment of his 2015 and 2016 taxes and corruptly endeavoring to obstruct the administration of IRS laws, according to a release from the U.S. Attorney’s Office District of New Jersey.
In 2015 and 2016, Tucci obtained about $11.4 million in income from refunds paid by the Customs and Tax Administration of the Kingdom of Denmark for taxes reportedly paid on shares held by pension plans he had set up for friends, acquaintances, and relatives, according to a federal indictment.
Rather than depositing the refunds in the respective bank accounts Tucci had established for the pension plans, he deposited the funds in five accounts held by five nominee companies he created and controlled: Lava Beach, Inc.; Icon Beach, Inc.; Sand Dollar Beach, Inc.; Starfish Dunes, Inc.; and White Sands Advisors, Inc., the indictment read.
He then filed returns on which he reported he owed $2 million in taxes, but never paid those taxes, the office said. Instead, he took steps to evade the payment of his taxes and conceal his assets from the IRS.
Tucci also made false statements to IRS revenue officers in connection with collection proceedings and failed to disclose information concerning his financial resources and his ability and intent to pay his outstanding tax liabilities, federal prosecutors said.
Tucci was arrested on April 5 and had his first federal court appearance the same day, authorities said. He now faces a maximum potential penalty of five years in prison and a maximum fine of $100,000.
Tucci’s attorney information was not immediately clear. Mayor Janet Tucci could immediately be reached.
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Chris Sheldon may be reached at csheldon@njadvancemedia.com.
