The owner of a charter bus company located in Fairview, NJ, pleaded guilty today to income tax evasion.
Adel Saadalla, 52, a resident of Cliffside Park N.J., entered his plea in Trenton federal court before U. S. District Judge Freda L. Wolfson. Saadalla pleaded guilty to one count of personal income tax evasion. Sentencing is scheduled for March 22, 2017.
“Today’s guilty plea by Mr. Saadalla should reassure those Americans who file accurate, honest and timely returns that the government will hold accountable those who do not,” stated Jonathan D. Larsen, Special Agent in Charge, IRS-Criminal Investigation, Newark Field Office.
According to court documents and statements made in court:
Saadalla was the owner and operator of K & T Express, a business that operated commuter buses and provided charter bus services. Saadalla deposited cash earned through K & T into his personal bank accounts rather than depositing these earnings into the K & T business bank accounts. Sadadalla admitted that for the 2010 tax year he failed to report as income the cash earned by K & T that he deposited into his personal bank accounts.
In addition, Saadalla admitted that he failed to report the cash earned by K & T that he deposited into his personal bank accounts for the years 2011 through 2013 on his personal tax returns and for the years 2010 through 2013 on the K & T business tax returns. In doing so he caused an approximate tax due and owing to the government of $492,644.
The count of tax evasion carries a statutory maximum prison sentence of five years and a statutory maximum fine equal to the greatest of: (1) $250,000; (2) twice the gross amount of any pecuniary gain derived from the offense; or (3) twice the gross amount of any pecuniary loss sustained by any victims of the offense.
The investigation was conducted by IRS-Criminal Investigation, Newark Field Office, under the direction of Special Agent in Charge Jonathan D. Larsen and the U.S. Attorney’s Office, under the direction of U.S. Attorney Paul J. Fishman. The Government is represented by Assistant U.S. Attorney Justin S. Herring.
