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A NEW TWIST: FRAUDULENT OVERSTATEMENT OF INCOME
March 27, 2003
Peter Bouzanis wanted to buy the Waterfalls restaurant in Antioch, Illinois. JACPG, Inc. wanted to sell him the restaurant. Louis Marin, a business broker, wanted to help.
Like business buyers everywhere, Mr. Bouzanis needed money. Logically enough, he went to The Money Store. The government asserts that Mr. Marin went too far to make the deal happen by helping Mr. Bouzanis prepare a fraudulent tax return overstating his income. The indictment says the return showing too much income was used to induce The Money Store and the Small Business Administration to finance the purchase.
The US District Court for Northern Illinois ruled that income doesn't have to be under-stated for tax fraud to take place; only a "material" false statement on the tax return is required. The defendants now face trial on the substance of the charges.
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