SEYMOUR, Conn. (WTNH) — A Seymour business executive is accused of failing to report $132,500 in income in 2007.
Michael S. Vasaturo, 56, pleaded guilty to filing a false tax return. Prosecutors said Vasaturo earned $132,500 in 2007 from selling copper to a scrap metal dealer, but never reported it.
He paid the Internal Revenue Service $80,964.81 in taxes, interest and penalties and agreed to forfeit an additional $144,888.39 in cash he said he “structured” into his bank account to avoid federal cash transaction reporting requirements, prosecutors said.
Vasaturo faces a maximum of three years’ imprisonment and a $100,000 fine. He is scheduled to be sentenced Nov. 14, 2014.