Notice of execution – Tax evasion

0
Execution notification – Tax evasion – Toronto man convicted of tax evasion after international investor scam

Canada NewsWire

TORONTO, January 6, 2022

TORONTO, January 6, 2022 / CNW / – The Canada Revenue Agency (CRA) has announced that Perry fousteris (Foustéris) of Toronto, Ontario, pleaded guilty on December 14, 2021, in the Ontario Court of justice Toronto one count of tax evasion under the Income Tax Act. Fousteris was given a suspended sentence of two years imprisonment less a day and a total fine of $ 206,300.

An ARC investigation found that representatives of Fousteris companies solicited and defrauded international investors with their money. These investors were misled into thinking that the money they provided was being used to buy low value stocks. Later, they were again misled into believing that their stock price had risen significantly and were encouraged to sell. However, when investors demanded payment for the profits from the sale of their shares, which were all fictitious, they were asked to pay a host of taxes and fees up front. Despite numerous attempts, these investors never received or recovered everything they paid or were owed to them by the Fousteris companies.

Fousteris has personally appropriated $ 1,081,284 bank accounts of his company, but did not report any on his personal income tax returns filed for the 2012, 2014 and 2015 tax years, thus avoiding $ 275,066 in federal income tax.

All of the information specific to the above case was obtained from the court records.

Tax evasion is a crime. Falsification of records and claims, willful non-reporting of income, or inflated expenses can result in criminal charges, prosecution, jail time and a criminal record. From April 1, 2020 to March 31, 2021, there were 36 convictions, with fines imposed by the court totaling $ 5,172,844. These taxpayers were convicted of having willfully evaded payment amounts totaling $ 10,902,950 in federal tax. Of the 36 convictions, 15 people were sent to prison for a total of 26.2 years.

In addition to court fines and / or jail time, taxpayers found guilty must pay the full amount of tax owed, plus related interest and any penalties imposed by the CRA.

The CRA remains committed to upholding the integrity of from Canada fiscal, as well as the social and economic well-being of Canadians in these unprecedented times. The CRA continues to aggressively pursue tax evasion and misrepresentation with all the tools at its disposal. The CRA continually strives to ensure that individuals and businesses report eligible earned income and losses, and claim the benefits to which they are entitled, so that important benefit programs can be administered to those who benefit. need. As a result of COVID-19, we are seeing the increased importance of these benefits and are working to ensure they continue to be available to Canadians. Any person or business who underreports their income, or claims losses or benefits to which they are not entitled, including ineligible claims for COVID-19 benefits, may have to reimburse benefit amounts and may make the claim. subject to other possible measures.

Related links
http://www.cra-arc.gc.ca/gncy/cmplnc/otip-pdife/menu-eng.htmlLeads Program
Voluntary Disclosures Program

Stay logged in

SOURCE Canada Revenue Agency


Source link

Share.

Comments are closed.