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Territo Receives Prison and Supervised Release

James Dennis Territo, of Tiburon, CA, was sentenced to 24 months in prison and three years of supervised release in Las Vegas, NV.

In January 2012 Territo pleaded guilty to income tax evasion.

According to the plea agreement, Territo was in the real estate mortgage business in California. He established two “nominee” corporations in Nevada, Titan Investments and Pacific Financial Services, through a corporation called APG. APG was a company owned and operated by William S. Reed and Richard C. Neiswonger.

Services provided by APG pro allowed Territo to open bank accounts in his corporations’ names for which Reed was the only signatory on the accounts. Utilizing this scheme allowedTerrito to use and control the bank accounts and corporations without the deposits being traced back to him.

Investment Fraud Conviction Leads To Bankruptcy

Reed and Neiswonger have also pleaded guilty in an investment fraud case in Nevada. They are awaiting sentencing.

When the IRS assessed a tax liability against Territo of more than $370,000, he filed for bankruptcy. But when he filed, Territo failed to disclose to bankruptcy court that he possessed and controlled approximately $122,000 in the bank account. According to the indictment, Territo claimed only $2,500 in assets but had a bank account containing about $120,000His case was finalized in 2005 and his debts were discharged.

Territo’s bankruptcy was finalized in December 2005. His debts with the IRS, totaling almost $290,000, were discharged, resulting in a loss to the IRS of approximately $372,875.

He will now spend the next two years behind bars.

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