NEWARK, N.J. (AP) — Federal authorities say a central New Jersey man who co-owns and operates a New York-based wholesale merchandise business that sells adult paraphernalia has been sentenced for concealing more than $1.2 million in income.
Sameer Gupta received a 19-month term Tuesday and also will have to serve two years of supervised release once he's freed. Gupta has also paid to a $259,045 penalty to the United States Treasury and has cooperated with the IRS in the investigation of his outstanding taxes due and owed for 2006-2009.
The 33-year-old Gupta pleaded guilty in February to tax evasion. Prosecutors say he diverted $822,916 from his business, J.S. Marketers, to various domestic and foreign bank accounts.
Authorities say the tax loss resulting from Gupta's conduct, not including interest and penalties, is $383,475.