H
Harry Hope
Guest
Palumbo was found guilty of five criminal charges of "willfully"
failing to file federal income tax returns;
each charge carries a maximum penalty of one year in prison and a
$250,000 fine, Assistant U.S. Attorney Bill Morse said.
According to court records, Palumbo, who is now 50, failed to file
federal returns for tax years 1998 through 2004, during which period
he earned more than $2.5 million in income as a mortgage loan
originator.
During that time, Palumbo's annual income ranged from $132,150 to
$734,406, money he earned as a mortgage loan officer, federal
prosecutors said.
Investigators from the Portsmouth office of the Internal Revenue
Service's criminal division handled the case.
................................................................................................
As a Republican lawmaker, Palumbo's political ambitions were lofty.
He planned to seek the speaker's position when Scamman left office and
told the Lawrence Eagle-Tribune that he aspired to be a U.S. senator.
In the Eagle-Tribune article, Palumbo was described as a successful
businessman who drove a Cadillac and played golf four times a week, in
addition to his political work.
But in 1989, it was reported that four banks took legal action against
Palumbo after he failed to repay more than $47,000 in loans.
................................................................................................
He later pleaded guilty to 10 counts of bank fraud and failure to file
income tax returns.
Palumbo had lied about his income, assets and employment, and he had
secured $225,000 in loans from New Hampshire banks on false pretenses,
prosecutors said at the time, according to The Associated Press.
He was sentenced to 15 months in prison.
From The Concord Monitor, 9/14/07:
http://www.seacoastonline.com/apps/pbcs.dll/article?AID=/20070914/NEWS/709140328/-1/NEWS
Former house majority leader pleads guilty to income tax violations
Kingston resident faces sentencing Dec. 10
By SARAH LIEBOWITZ
Concord Monitor
KINGSTON
failing to file federal income tax returns;
each charge carries a maximum penalty of one year in prison and a
$250,000 fine, Assistant U.S. Attorney Bill Morse said.
According to court records, Palumbo, who is now 50, failed to file
federal returns for tax years 1998 through 2004, during which period
he earned more than $2.5 million in income as a mortgage loan
originator.
During that time, Palumbo's annual income ranged from $132,150 to
$734,406, money he earned as a mortgage loan officer, federal
prosecutors said.
Investigators from the Portsmouth office of the Internal Revenue
Service's criminal division handled the case.
................................................................................................
As a Republican lawmaker, Palumbo's political ambitions were lofty.
He planned to seek the speaker's position when Scamman left office and
told the Lawrence Eagle-Tribune that he aspired to be a U.S. senator.
In the Eagle-Tribune article, Palumbo was described as a successful
businessman who drove a Cadillac and played golf four times a week, in
addition to his political work.
But in 1989, it was reported that four banks took legal action against
Palumbo after he failed to repay more than $47,000 in loans.
................................................................................................
He later pleaded guilty to 10 counts of bank fraud and failure to file
income tax returns.
Palumbo had lied about his income, assets and employment, and he had
secured $225,000 in loans from New Hampshire banks on false pretenses,
prosecutors said at the time, according to The Associated Press.
He was sentenced to 15 months in prison.
From The Concord Monitor, 9/14/07:
http://www.seacoastonline.com/apps/pbcs.dll/article?AID=/20070914/NEWS/709140328/-1/NEWS
Former house majority leader pleads guilty to income tax violations
Kingston resident faces sentencing Dec. 10
By SARAH LIEBOWITZ
Concord Monitor
KINGSTON