A San Rafael accountant charged in an alleged monetary scheme has been hit with one other federal indictment.
The superseding indictment towards Michael Gilbert contains counts of mail fraud and cash laundering, the U.S. Division of Justice introduced Thursday. In February, Gilbert was charged with submitting false tax returns.
Prosecutors allege Gilbert ran a scheme involving companies he managed: M.M. Gilbert & Firm Inc. and White Mountain Properties Inc. He misled shoppers by telling them to make funds to White Mountain, which might be used for actions similar to “asset acquisition,” “donations” and “tax structuring,” in accordance with the indictment.
“As a substitute, Gilbert saved and diverted the shoppers’ funds for his personal private profit,” the indictment alleges.
Gilbert allegedly knowledgeable shoppers that funds to White Mountain would result in giant tax advantages for them. He didn’t use such funds to safe tax advantages for his shoppers, in accordance with the indictment.
Prosecutors additionally allege that Gilbert additionally transferred greater than $5 million from White Mountain to himself and he didn’t report the funds on his particular person tax returns.
Gilbert now faces 11 counts of constructing false tax returns, seven counts of mail fraud and 4 counts of cash laundering.
The utmost jail sentence is 20 years for every rely of mail fraud, 10 years for every rely of cash laundering and three years for every rely of submitting a false tax return.
Gilbert’s lawyer, Joshua Lowther, couldn’t be reached for remark Thursday.
The following listening to is about for Aug. 6 earlier than U.S. Justice of the Peace Maxine Chesney in San Francisco.
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