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Business owner indicted on federal tax crime charges

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Posted at 11:53 AM, Dec 21, 2018
and last updated 2018-12-21 11:53:23-05

CINCINNATI — A federal grand jury indicted a Cincinnati man on charges of tax crimes, authorities announced Friday.

Gregory VanDemark assisted in the preparation and filing of a false corporation tax return for Used Car Supermarket, Inc. for the 2013 and '14 income tax years, according to the indictment. The return reported a negative taxable income in 2013 and a taxable income of zero in 2014. But, authorities said, Vandemark knew in both instances that the business actually had positive taxable income.

Vandemark is also accused of assisting in the preparation and filing of a false personal income tax return in 2013 and '14. He claimed a negative $115,773 in taxable income in 2013 and a negative $39,849 in taxable income in 2014 despite knowing that he had positive taxcable income both years, according to the indictment.

Also, Vandemark structured more than $157,000 in financial transactions for the purpose of evading the currency transaction reporting requirements imposed on banks, according to the indictment.

Authorities also said that Vandemark lied to IRS special agents during an interview in 2016 by claiming that all the money he made from his businesses was deposited at the bank and that he never skimmed cash from his businesses.

Vandemark is facing four counts of aiding and assisting in the preparation and filing of false income tax returns with the Internal Revenue Service, one count of structuring transactions to evade reporting requirements and one count of making a false statement.

If convicted, Vandemark faces up to three years in prison for each false income tax return charge and up to five years in prison for structuring financial transactions and making false statements.