A real estate appraisal executive, William Daddono, pled guilty to tax evasion in an egregious example of a wealthy executive in the real estate industry industry. This tax fraud is one of the biggest we’ve ever seen here at Really Rotten Realty.
Daddono, owner of Schamuburg, Illinois based Advanced Appraisal Group and American Appraisal Consultants accepted a plea deal admitting he failed to pay taxes on a whopping $1.92 million in income related to his real estate appraisal business.
What does that add up to in tax dollars? $550,000!
Daddono heads to court in June where he will be sentenced. Each count of tax evasion carries a maximum 5 years in prison, plus an additional maximum of 3 years for each falsely filed tax return. He faces a maximum fine of twice the gross gain from the offense, $1.1 million.
Tax fraud is not limited to agents and investors. All parts of the real estate industry including banking, appraisals, and more.
According to the Department of Justice, Daddono’s appraisal company issued checks to a defunct company also owned by Daddono, and the checks were deposited into the bank accounts of that defunct company. The company, Real Property Valuation, would be used to funnel the money into Daddono’s personal accounts in amounts of up to $350,000 per year. The fraud took place over a half decade.
Read the whole story at the Chicago Sun Times.