Eugene Cappello owns Connecticut Marketing and Consulting. The company sells Chinese made Michael Jackson memorabilia to the exclusive rightsowner of Michael Jackson products, Bravado. Given the untimely passing of Michael Jackson earlier this year, I’d expect that Mr. Cappello’s business is doing well this year.
It did well earlier this decade, giving Mr. Cappello the chance to join a local country club. He did so, spending $34,781. Add in the purchase of a yacht and things were going well.
Except that there was one other creditor that Mr. Cappello ignored: Uncle Sam. He used a family friend to route the money needed for his purchases so he wouldn’t have to pay income tax on that.
All was well until the IRS found out. Earlier this year Mr. Cappello pleaded guilty to structuring financial transactions and tax evasion. Last week he was sentenced to two years at ClubFed. Mr. Cappello has already paid his back taxes, penalties, and interest of about $400,000.
Mr. Cappello would have found it easier to save up for the lavish purchases after paying his taxes than becoming a smooth criminal.