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Nifty Fifty’s Accountant Accused Of Operating Scheme To Avoid Paying Millions In Taxes

(Credit, Michelle Hein)

(Credit, Michelle Hein)

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PHILADELPHIA (CBS) – According to U.S. Attorney’s Office, William Frio, of Springfield Township, has been charged by indictment in a tax evasion scheme involving Nifty Fifty’s.

Frio is accused of operating Nifty Fifty’s long-running scheme to avoid paying millions of dollars in personal and employment taxes.

The alleged scheme defrauded the IRS by failing to account for more than $15 million in gross receipts.

Frio is also charged with filing his own false tax returns, aggravated structuring of transactions and loan fraud.

Frio has provided his service to Nifty Fifty’s since 1986.

According to the indictment, Frio conspired with the owners and principals of Nifty Fifty’s in a scheme to use skimmed cash to pay themselves and the people and businesses who supplied goods and services to them.

If convicted, Frio faces a possible sentence of 57 years in prison, full restitution to the IRS and a fine of up to $2.75 million.




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