“Trenton duo convicted for evading $1.25M in taxes: federal authorities.”

TLDR: Trenton Pharmacy Owner Convicted of Evading $1.25M in Taxes

Key Points:

• The pharmacy owner, Gordian Ndubizu, was convicted of evading federal income taxes and filing false tax returns.
• He was found guilty of four counts of tax evasion and four counts of filing false tax returns related to Health Care Pharmacy in Trenton, NJ.

In a recent trial, Gordian Ndubizu, a 69-year-old pharmacy owner from Princeton Junction, NJ, was convicted on multiple counts of tax evasion and filing false tax returns. His pharmacy, Health Care Pharmacy in Trenton, NJ, was found to have underreported income and evaded taxes. Ndubizu, an accounting professor at Drexel University, prepared falsified tax records to manipulate the pharmacy’s finances and evade about $1.25 million in taxes. He now faces potential prison time and hefty fines.

The jury deliberated for about two hours following the four-day trial in federal court. Ndubizu’s fraudulent actions included inflating the pharmacy’s costs and underreporting profits. He falsely claimed to have no financial interest in foreign bank accounts, despite evidence showing otherwise. His tax returns from 2014 to 2017 were found to significantly underreport income.

For his crimes, Ndubizu faces up to five years in prison for each tax evasion count, three years for each false tax return count, and fines of up to $250,000. This case highlights the serious consequences of tax evasion and the importance of accurately reporting income to the authorities.