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Wednesday, September 4, 2013

Co-owner of Wyncote-based Bare Feet Shoes sentenced for tax fraud scheme - Montgomery Newspapers

Posted on 6:44 AM by Unknown
Uri Jacobson, co-owner of Wyncote-based Bare Feet Shoes, was sentenced in federal court Aug. 29 to 30 months in prison followed by a year of supervised release in connection with a tax fraud conspiracy in which he paid employees under the table and filed false tax returns, according to a press release from the U.S. Attorney’s Office.

U.S. District Court Judge Lawrence F. Stengel also ordered Jacobson to pay $1,263,000 in restitution to the IRS.


The 42-year-old Philadelphia man pleaded guilty last September to filing false tax returns for 2004, 2006, 2007 and 2008 and failing to file a personal income tax return for 2005, under-reporting his income by approximately $700,000, the release stated.


Jacobson, the co-owner of 12 shoe and discount stores, employed more than 200 people in Pennsylvania and New Jersey. One of his store managers, Elena Falaschetti, 53, of Philadelphia, was indicted with Jacobson and also pleaded guilty in September to filing false personal income tax returns for the years 2006 through 2009, underreporting her income by about $121,000, authorities said. She was sentenced May 20 to six months of home confinement.


Between 2003 and 2009, Jacobson paid some of his employees, in whole or in part, “under the table,” without federal income taxes, Social Security and Medicare taxes being withdrawn from their wages and paid to the IRS, the release stated. Jacobson had his office employees, including Falaschetti, falsely report salary, hours and/or wages per hour for certain employees to the company’s payroll service. Jacobson’s own corporate records show that between 2004 and September 2009, Bare Feet Shoes paid approximately $2,787,640 in gross wages, which were not reported to the IRS and from which federal income taxes and Social Security and Medicare taxes were not withheld and paid to the IRS, authorities said. Jacobson’s failure to withhold and pay his employees’ federal taxes, and his failure to pay his employer’s matching share of the Social Security and Medicare Taxes, resulted in a tax loss of approximately $596,628, the release stated.


The case was investigated by the Internal Revenue Service Criminal Investigations and was prosecuted by Assistant United States Attorney Paul Gray.


Follow Linda Finarelli on Twitter @lkfinarelli.



Uri Jacobson, co-owner of Wyncote-based Bare Feet Shoes, was sentenced in federal court Aug. 29 to 30 months in prison followed by a year of supervised release in connection with a tax fraud conspiracy in which he paid employees under the table and filed false tax returns, according to a press release from the U.S. Attorney’s Office.

U.S. District Court Judge Lawrence F. Stengel also ordered Jacobson to pay $1,263,000 in restitution to the IRS.


The 42-year-old Philadelphia man pleaded guilty last September to filing false tax returns for 2004, 2006, 2007 and 2008 and failing to file a personal income tax return for 2005, under-reporting his income by approximately $700,000, the release stated.


Jacobson, the co-owner of 12 shoe and discount stores, employed more than 200 people in Pennsylvania and New Jersey. One of his store managers, Elena Falaschetti, 53, of Philadelphia, was indicted with Jacobson and also pleaded guilty in September to filing false personal income tax returns for the years 2006 through 2009, underreporting her income by about $121,000, authorities said. She was sentenced May 20 to six months of home confinement.


Between 2003 and 2009, Jacobson paid some of his employees, in whole or in part, “under the table,” without federal income taxes, Social Security and Medicare taxes being withdrawn from their wages and paid to the IRS, the release stated. Jacobson had his office employees, including Falaschetti, falsely report salary, hours and/or wages per hour for certain employees to the company’s payroll service. Jacobson’s own corporate records show that between 2004 and September 2009, Bare Feet Shoes paid approximately $2,787,640 in gross wages, which were not reported to the IRS and from which federal income taxes and Social Security and Medicare taxes were not withheld and paid to the IRS, authorities said. Jacobson’s failure to withhold and pay his employees’ federal taxes, and his failure to pay his employer’s matching share of the Social Security and Medicare Taxes, resulted in a tax loss of approximately $596,628, the release stated.


The case was investigated by the Internal Revenue Service Criminal Investigations and was prosecuted by Assistant United States Attorney Paul Gray.


Follow Linda Finarelli on Twitter @lkfinarelli.



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