NEWARK, N.J. — A former vice president of Traffic Safety Service LLC pleaded guilty Wednesday to tax evasion. The guilty plea resulted from an investigation by U.S. Immigration and Customs Enforcement's (ICE) Homeland Security Investigations (HSI) and Internal Revenue Service Criminal Investigation.
According to court documents, Anthony R. Pecoraro, 50, of Colts Neck, worked at Traffic Safety Service LLC in 2008 and 2009. The company provided traffic safety equipment and other traffic-related services to local and state municipalities and private businesses. In connection with his position as a vice president, he had access to the company's business account.
Pecoraro admitted he wrote checks for unauthorized cash withdrawals for personal use. The withdrawals totaled approximately $2.13 million between June 2008 and December 2009. Pecoraro acknowledged he failed to report this money as taxable income for calendar years 2008 and 2009 in the amounts of $563,800 and $1.56 million, respectively. If he reported the additional cash on his income tax returns, he would have owed the government approximately $733,970.
Pecoraro is scheduled to be sentenced Dec. 4. He faces five years in prison and a $250,000 fine.