A Belmont resident who owns a restaurant and an apartment building was arrested this week, charged with aiding the filing of false tax returns.
Demetrios Pseudoikonomou, 55, faces eight counts of aiding the filing of false tax returns. He was released on conditions Wednesday after an appearance in federal court in Worcester.
According to the charging documents, Pseudoikonomou allegedly failed to report more than $1.6 million in gross receipts and rental income for his businesses to the Internal Revenue Service (IRS), avoiding more than $520,000 in federal income taxes.
Pseudoikonomou allegedly told an undercover agent, who was posing as a prospective buyer for the businesses, that he regularly underreported his gross receipts and rental income to the IRS.
The charge of aiding the filing of false tax returns provides for a sentence of up to three years in prison, up to one year of supervised release and a fine of $250,000.
Assistant U.S. Attorney Benjamin A. Saltzman of the Securities, Financial & Cyber Fraud Unit is prosecuting the case.
Editor’s Note: This information was obtained from a U.S. Attorney’s Office release.