Stockbroker Invests in Himself Using Other People’s Money
Former stockbroker Robert Cirillo was sentenced to 78 months in prison for filing false tax returns and running a securities fraud scheme. Cirillo targeted low-income Hispanic victims via false promises of high returns from construction loans. Cirillo never invested any of the money, and instead used it for personal credit card expenses, trips, a Jeep, and an Alfa Romeo. From 2015 to 2017, Cirillo failed to report more than three million dollars in income on his tax returns, causing the IRS a loss of $676,898. In addition to the prison sentence, Cirillo was ordered to pay $3,948,835 in restitution to his victims and $676,898 to the IRS.
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About the Author
Gregory McCauley Jr., Esq.
Tax Attorney · Villanova University School of Law · Admitted in Delaware, New Jersey, United States Tax Court
Gregory McCauley Jr. is an experienced tax attorney who has personally represented more than 1,000 clients in matters ranging from civil tax controversy and IRS examinations to criminal tax defense, U.S. Tax Court litigation, and complex business disputes. His practice is built on a foundation his c...
