Valley man penalized for avoiding taxes on $132k of metal sales
A Valley man has been sentenced to two years of probation and ordered to pay a $16,000 fine for filing a false tax return.
Michael S. Vasaturo, 57, of Seymour, also must perform 100 hours of community service. He received his sentence Jan. 9 in Hartford federal court.
On Aug. 22, 2014, Vasaturo pleaded guilty to one count of filing a false tax return.
According to court documents and statements made in court, he earned supplemental income of about $132,500 in 2007 based on a private sale of copper to a scrap metal dealer, but failed to report any of the copper sale income on his 2007 federal income tax return.
Paid government another $200k plus
Vasaturo, a business executive, has previously paid $80,965 to the Internal Revenue Service for the taxes, plus interest and penalties due, on the unreported income.
He also agreed to forfeit an additional $144,888 in cash that he admits to having “structured” into his bank account to avoid federal cash transaction reporting requirements, federal prosecutors said.
The matter was investigated by the Internal Revenue Service’s Criminal Investigation Division, and was prosecuted by Assistant U.S. Attorney Henry K. Kopel of the U.S. Attorney's Office for Connecticut.