SPRINGFIELD, Mass. (WWLP) – A roofing company owner from Longmeadow could face up to five years in prison, for concealing overseas bank accounts with a combined balance of more than $2 million from the IRS.
Michael Fitzgerald, 50, pleaded guilty at federal court in Springfield Thursday to a single count of violating foreign bank reporting requirements.
According to a news release sent to 22News by the U.S. Attorney’s Office, between at least 2005 through 2012, Fitzgerald held accounts with the Bank of Ireland on the Isle of Man, with a balance totaling more than $2.3 million. According to federal law, U.S. citizens and foreigners living in the U.S. must file a report with the U.S. Department of the Treasury if they have any accounts in foreign banks with balances exceeding $10,000.
Fitzgerald could face up to five years in prison when he is sentenced by Judge Mark Mastroianni on January 3. He has already agreed to pay a penalty of $1,115,320, which is 50% of his account balance.