50 year old Trinidad national, David Migliore, the owner of Island Club Casino in Grand Bazaar is expected to appear in a Federal Court in Newark, New Jersey on charges of tax evasion and failing to file federal personal tax returns on income derived from his ownership of a casino in Trinidad.
His alleged action reportedly resulted in a US$1 million loss to the United States.
Mr. Migliore surrendered to Special Agents of IRS-Criminal Investigation on Monday, and is scheduled to make his initial appearance before US Magistrate Judge Mark Falk in Newark Federal Court later today.
According to US reports, “Mr. Migliore allegedly took steps to conceal his income and assets from the IRS including: using unreported bank accounts in Trinidad to deposit personal income; and using US bank accounts in the names of his Limited Liability Corporations and business entities to receive personal income from Island Club Casino in Trinidad.
He is also accused of using Limited Liability Corporations and business entities to pay for personal expenses in New Jersey and elsewhere; placing personal property in the names of Limited Liability Corporations and business entities; directing income from Island Club Casino in Trinidad to be transferred directly to vendors in the United States to pay for his personal expenses; directing employees of Island Club Casino to send his income from the casino to individuals in New Jersey via Western Union for his benefit; and directing individuals to pick up cash, which was income attributed to him, from Western Union offices in New Jersey.
US Attorney Paul J. Fishman announced that Migliore, was accused and indicted on three counts of tax evasion and three counts of willfully failing to file personal tax returns relating to tax years 2009, 2010 and 2011.
Each count of tax evasion is punishable by a maximum potential penalty of five years in prison and a $250,000 fine.
Each count of failing to file tax returns is punishable by a maximum potential penalty of one year in prison and a $100,000 fine.”