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Monday, August 26, 2013

Business Man Pleads to Tax Evasion

An Olean businessman has pleaded guilty to tax evasion in US District Court.

70-year-old Edmund Renaud didn’t pay $132,000 in federal payroll taxes for moving and storage businesses he ran from 2002 through 2008. When the IRS tried collecting the money he gave them false information, including telling them he got a truck from “comp” credits earned at the Seneca Allegany Casino.

Prosecutors say he was gambling heavily and had also received a workman’s compensation award of about $100,000.

He faces up to five years in prison, a fine of up to a quarter of million dollars or both when he’s sentenced on January 27.

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