Mortgage Broker Charged With Tax Fraud By DOJ
Filing claims Michigan broker diverted $1.6M in proceeds.
The U.S. Department of Justice (DOJ) announced the indictment of a Michigan mortgage broker Wednesday. He was charged with conspiring to defraud the United States and filing false income tax returns.
According to a DOJ statement, from 2012 to 2018, Todd A. Marra of Shelby Township, Mich., was a 50% shareholder and co-managing partner of a mortgage brokerage in Troy, Mich. During that time, Marra and another unnamed individual allegedly conspired to defraud the IRS by diverting more than $1.6 million in business proceeds. The indictment alleges that Marra and his coconspirator withdrew cash shortly after depositing checks into the business’s bank account and did not record all deposits and withdrawals on the business’s books and records.
A message left on Marra’s voicemail and an email were not answered.
The DOJ said Marra and his coconspirator allegedly used these business proceeds to pay for personal expenses and debts and then provided false records to their return preparer that underreported gross receipts and concealed the diversion of funds. The indictment alleges that their actions caused the filing of false partnership returns that substantially underreported the business’s gross receipts and overreported expenses, and also caused the filing of false personal income tax returns that substantially underreported Marra’s income.
If convicted, Marra faces a maximum penalty of five years in prison for the conspiracy count and a maximum penalty of three years in prison for each false tax return count.