A Seymour man faces up to three years behind bars after pleading guilty to not declaring more than $100,000 in income to the IRS.
The man, Michael Vasaturo, 56, pleaded guilty Friday to a single count of filing a false tax return before U.S. District Judge Alvin Thompson in federal court in Hartford.
Federal prosecutors said in a prepared statement issued Friday that Vasaturo, “a business executive,” earned supplemental income of about $132,500 in 2007 “based on a private sale of copper to a scrap metal dealer.”
But the feds say Vasaturo failed to report any of the income in his 2007 federal tax return.
He has paid $80,964.81 to the IRS representing the taxes (with interest) that he should have paid, and also agreed to forfeit $144,888.39 in cash that the feds say Vasaturo admitted “to having ‘structured’ into his bank account to avoid federal cash transaction reporting requirements.”
Vasaturo is scheduled to be sentenced before Judge Thompson on Nov. 14. Federal prosecutors say he faces up to three years in jail and a fine of $100,000.
The case was investigated by the Internal Revenue Service’s Criminal Investigations Division and prosecuted by Assistant United States Attorney Henry K. Kopel.
