Red Bank Man Pleads Guilty To Filing A False Tax Return: U.S. Attorney

RED BANK, NJ — A Red Bank man has pleaded guilty to filing a false tax return which resulted in over $200,000 in tax losses for the 2018 tax year, Acting U.S. Attorney Vikas Khanna said.

Francis Esposito, 66, of Red Bank, pleaded guilty to an information charging him with one count of filing a false tax return before U.S. District Court Judge Georgette Castner in Trenton federal court, Khanna said.

Esposito was the sole or majority owner of multiple entities, according to documents filed in the case and statements made in court.

For tax years 2015 through 2018, Esposito derived certain income through those entities, which authorities said he failed to report on his Form 1040.

For the tax year 2018, authorities said Esposito had approximately $719,272 of unreported income, which resulted in a tax loss of $216,635. For the tax year 2017, authorities said Esposito had approximately $940,978 of unreported income, which resulted in a tax loss of $383,806.

In the 2016 tax year, authorities said Esposito had approximately $746,886 of unreported income, which resulted in a tax loss of $304,640, and for the tax year 2015, authorities said Esposito had approximately $589,929 of unreported income, which resulted in a tax loss of $244,291.

In total, Esposito’s unreported income resulted in a tax loss of approximately $1,149,372, Khanna said.

The charge for filing a false tax return carries a maximum term of three years, plus a maximum fine of $250,000 or twice the gain or loss resulting from the offense, according to authorities.