A North Texas businessman has been ordered to repay nearly $39 million to the IRS after pleading guilty to tax-related charges. Ronald James Paolucci, 55, admitted to subscribing to a false tax return and conspiracy to defraud the United States.
Prosecutors said that Paolucci, co-founder of American Management Staffing, a temp agency, diverted tens of millions of dollars over several years.
Investigators found that he withheld payroll taxes and other mandatory deductions from employees’ paychecks but failed to remit those taxes to the IRS. He also did not report his personal compensation.
In addition to the financial penalty of $38.9 million, Paolucci has been sentenced to just over four years in federal prison.
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