Shelby Township mortgage broker charged with conspiring to defraud IRS
SHELBY TOWNSHIP, Mich. (CBS DETROIT) - A Shelby Township mortgage broker has been charged with conspiring to defraud the United States and filing false income tax returns, according to the Department of Justice.
Todd A. Marra, of Shelby Township, was a fifty-percent shareholder and co-managing partner of a mortgage brokerage in Troy, where he and another person are accused of conspiring to defraud the IRS by diverting over $1.6 million in business proceeds.
According to the indictment, Marra and the coconspirator allegedly deposited checks into the business bank account and withdrew cash shortly after without recording the deposits and withdrawals in the business's books and records.
It is alleged that the two individuals used the funds to pay for personal expenses and debts and provided false information to their tax return preparer.
"The indictment alleges that their actions caused the filing of false partnership returns that substantially underreported the business's gross receipts and overreported expenses, and also caused the filing of false personal income tax returns that substantially underreported Marra's income," according to the U.S. Department of Justice.
Marra could face up to five years in prison for the conspiracy count and up to three years for each false tax return count if convicted.