He Needed More Bread Now He’s Toast

Peter Jamgochian, the co-owner of a commercial cleaning company in New Jersey, admitted to evading more than $300,000 in tax payments by cashing checks at a check cashing facility, paying employees off the books, and failing to report all his income.

 

In 2013 and 2014 Jamgochian cashed over two million dollars in check payments made by customers and used the cash to pay employees and for his personal expenses. He kept this information from the company’s accountant and knowingly signed false corporate returns.

 

Jamgochian’s actions caused the company to underpay $248,936 in medicare and social security taxes, and he caused the IRS an additional tax loss of $76,201 by understating his personal income. He faces a maximum prison sentence of three years and $250,000 in fines.