Rolando Russell, an independent Bridgeport tax preparer, pleaded guilty in Hartford federal court to preparing false tax returns for his clients.
In pleading guilty, Russell agreed that losses sustained by the IRS as a result of his fraud totaled approximately $1.5 million.
According to a statement issued by the U.S. Attorney for the District of Connecticut, Russell prepared approximately 1,820 federal tax returns for the 2013 through 2016 tax years. Those returns claimed a total of approximately $11.26 million in refunds, of which the IRS issued approximately $10 million.
However, an investigation determined many of these tax returns included false Schedule C forms, also known as the Profit or Loss from Business form, and these losses totaled approximately $22.2 million, resulting in a corresponding reduction of taxes owed of up to $6.2 million.
Russell pleaded guilty to two counts of aiding and assisting the filing of a false tax return and faces a maximum term of imprisonment of three years on each count; he is scheduled to be sentenced on Aug. 7.
