BOSTON – A Tewksbury real estate developer was yesterday accused of defrauding the government through a multi-year tax evasion program worth more than $ 480,000.
Arnold Martel, 61, has been charged and has agreed to plead guilty of tax evasion. A hearing has not yet been scheduled.
For the 2014-2017 tax years, Martel received in-person payments of more than $ 1.2 million for condominium upgrades that his company sold, according to fee collection records. Martel deposited or redeemed the payments in his personal accounts, but did not report that income on this tax return.
Tax evasion charges include a prison term of up to five years, a supervised release of up to three years, and a fine of $ 250,000 or double gross profit or loss, whichever is greater. Martel is also required to pay a refund to the IRS. Sentences are passed by a federal district judge based on U.S. sentencing guidelines and other legal factors.
Acting United States attorney Nathaniel R. Mendell and Ramsey E. Covington, assistant special envoy for the Internal Revenue Service in Boston, announced the announcement today. Assistant US attorney Sara Miron Bloom of Mendell’s Securities, Financial and Cyber Fraud Division is pursuing the case.