Westchester County CPA Found Guilty Of Failing To File State Income Tax Returns And Grand Larceny

ALBANY, NY (06/25/2010)(readMedia)-- New York State Department of Taxation and Finance Acting Commissioner Jamie Woodward today announced that a Westchester County jury has found a Carmel man guilty of two felony charges in connection with his failure to file New York State personal income tax returns and grand larceny for stealing more than $1.9 million from his former employer.

Todd Newman, 50, of 1 Haley Hill Drive, Carmel, was found guilty on June 18 in Westchester County Supreme Court of one count of Repeated Failure to File a New York State Personal Income Tax Return, a class E felony, and one count of Grand Larceny in the First Degree, a class B felony.

The jury found that while serving as Treasurer of B. Schoenberg and Company, Newman committed payroll and tax fraud by stealing company funds earmarked for withholding taxes and by writing payroll checks to himself. B. Schoenberg is a recycler of plastics and engineering resins located in Yorktown Heights.

Newman, a Certified Public Accountant with offices in Yonkers and New York City, served as Treasurer from October of 2003 to September of 2007.

The jury also found that Newman failed to file New York State personal income tax returns for 2005, 2006 and 2007, for which he incurred a total tax liability of $133,158.

He will be sentenced on September 10 and faces a maximum of 25 years in state prison.

The investigation was conducted by the Westchester District Attorney's Office with assistance provided by the Department of Taxation and Finance.

A copy of the press release issued by the Westchester County District Attorney is available at http://www.westchesterda.net/pressreleases/00618glverdict.htm

###