A veteran financial adviser in Connecticut was sentenced to six months in prison for failing to pay nearly $1.5 million in taxes in connection with the sale of his wealth management firm in 2014.
Prosecutors claim to be based in Westport Thomas Pasiliomarked 30 years in the industry, partner sold the company Clapboard Hill Advisor in 2014 McGradley Wealth ManagementAs part of the deal, Pasilio will receive $350,000 from McGradley on each anniversary of the sale for three years, according to the Connecticut District U.S. Attorney’s Office.
According to prosecutors, Pasilio was to receive a portion of McGradley’s annual gross income for the next three years, up to nearly $1 million.
McGladrey now operates as a registered investment advisor choreois headquartered in Minneapolis and manages more than $12 billion in client assets, according to registered records.
In January of this year, Pasilio admitted to omitting an installment payment related to the sale of Clapboard Hill on its tax returns for the 2015-2018 tax year and sued one count of filing a false tax return. pleaded guilty.
Overall, Pasilio reported approximately $1,476,425 as non-ordinary income or capital gains. Internal Revenue Service $286,328 in uncollected taxes, according to the U.S. Department of Justice.
Pasilio paid his outstanding taxes, but on Thursday, a U.S. District Court judge Sarala Nagara Hartford sentenced him to six months in prison and one year of supervised release and ordered him to pay a $50,000 fine.
Pasilio has been released on bail and is scheduled to appear in prison on June 12.
Pacilio entered the financial services industry in 1995 and has worked for several companies including: Merrill Lynch and Morgan Stanleybefore registering for B. Riley Wells Advisor In Westport in 2019, according to Securities and Exchange Commissioninvestment adviser public database.
His registration with B. Reilly ended on April 11, according to the SEC.
A spokeswoman for B. Riley did not respond to a request for comment.