CHARLSON, S.C. (WCSC) – A Mount Pleasant business owner spends a year and a half in federal prison after pleading guilty to fraud.
Prosecutor Jonathan Ramachi, 60, pleaded guilty to both fraud and false income tax returns, as a component of genius to owning and operating the Charleston AI business.
Federal prosecutors say Ramaci has scamned SME management by applying and receiving about $214,000 in payroll protection programs and economic injury disaster loans.
These applications have been approved as part of the company’s Covid-19 relief.
The Justice Department says Ramasi misrepresented the revenue and costs of the products sold for the business.
Additionally, the courts have said that between 2017 and 2021, Ramaci failed to file a false income tax return or filed an incorrect income tax return, resulting in nearly $290,000 being paid to the Internal Revenue Service. He said that the balance was generated.
Prosecutors say Ramasi specifically paid personal expenses from the pocket of the genius element and did not report any expenses paid as income.
“The defendant’s actions cost taxpayers and the government hundreds of thousands of dollars, as evidenced by his guilty plea for two separate fraud schemes,” said a US lawyer for the South Carolina area. The Adair Ford Borough said. “His deceptive financial scheme guarantees this sentence and sends a message that such practices are not tolerated.”
“Finance fraud undermines the public’s trust in our financial institutions and puts America’s economic future at risk,” said Steve Jensen, a special agent in charge of the FBI Columbia Field Office. “The FBI and our law enforcement partners are committed to proactively investigating and ensuring that our responsible persons are brought to justice.”
“Together with law enforcement partners, the IRS criminal investigation will continue to vigorously pursue individuals who do not properly report or submit taxes,” said a special agent for Donald “Trey” Eakins. “This guilty plea and statement reinforces the IRS’ commitment to ensuring that all Americans are bound to the same standards that they pay their tax obligations.”
In addition to 18 months in prison, Ramasi will be subject to three years of court-ordered supervision upon release.
Ramasi must also pay an amount that includes compensation in excess of $1.5 million, including victims of crimes who have not pleaded guilty. This was decided as part of the judicial agreement.
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