BOSTON — The owner of a popular North Reading roast beef and pizza restaurant was sentenced in federal court today for committing tax fraud by failing to report approximately $1.9 million in business receipts.
Emanuel Panousos, also known as Mike Panousos, 44, of Peabody, was sentenced by U.S. Senior District Court Judge Douglas P. Woodlock to 21 months in prison, one year of supervised release and ordered to pay a fine of $7,500 plus restitution of $387,180, the amount he was determined to have illegally avoided paying..
Panousos pleaded guilty, in May 2019, to two counts of aiding and assisting in filing false corporate tax returns.
From 2013 through 2015, Panousos skimmed business cash receipts totaling about $1.9 million, and failed to report those cash receipts to his tax preparer or on the restaurant’s corporate tax returns. As a result, Panousos avoided paying both corporate and personal taxes totaling approximately $387,180 during those years.
U.S. Attorney Andrew E. Lelling and Kristina O’Connell, special agent in charge of the IRS’s Criminal Investigations in Boston made the announcement. Assistant U.S. Attorney Mark J. Balthazard of Lelling’s Securities and Financial Fraud Unit prosecuted the case.