An Olean businessman pleaded guilty to tax evasion charges Friday during a proceeding before Chief U.S. District Judge William M. Skretny.
Edmund J. Renaud, 70, faces a prison term of up to five years and a fine of up to $250,000 or both, according to U.S. Attorney William J. Hochul Jr.
Hochul said Renaud failed to pay federal payroll taxes totaling $132,000 for moving and storage businesses he operated from 2002 through 2008.
When IRS revenue officers tried to collect the money, the defendant provided false information about bank accounts and other assets, including a truck he had gotten as a result of accumulating “comp” credits at the Seneca Allegany Casino.
In 2007, Renaud filed an offer in compromise, settling about $150,000 in taxes due for payment of only $1,500. In that filing he provided false information, Hochul said.
While Renaud was not paying his taxes, his companies were receiving income and he was gambling heavily, prosecutors said. Renaud also was the recipient of a significant workmen’s compensation award of approximately $100,000, Hochul said. His trial was scheduled to begin next week.