NEWARK, N.J. (AP) - A New Jersey man who didn’t report more than $1.5 million in income he fraudulently diverted to overseas shell companies has been sentenced to nearly two years in prison.
Albert Chang must also pay restitution as part of the 21-month sentence imposed Tuesday, although that amount hasn’t been determined. The 71-year-old Princeton Junction man had pleaded guilty to conspiracy and tax evasion.
Federal prosecutors say Chang and another man co-owned and operated a Dayton-based firm that mostly engaged in the sale and export of microscopes and centrifuges for medical purposes.
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The men created two shell companies headquartered in China and diverted business income to themselves by funneling money to the shell companies’ bank accounts.
Change failed to report $1,559,200 overall, resulting in a tax loss of $237,064.
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