{"id":49263,"date":"2022-03-31T14:44:21","date_gmt":"2022-03-31T21:44:21","guid":{"rendered":"https:\/\/cjnotebook.com\/?p=49263"},"modified":"2022-03-31T14:44:21","modified_gmt":"2022-03-31T21:44:21","slug":"flipper-filed-false-federal-income-tax-returns-that-left-out-2-million-of-income","status":"publish","type":"post","link":"https:\/\/cjnotebook.com\/?p=49263","title":{"rendered":"Flipper Filed False Federal Income Tax Returns That Left Out $2 Million of Income"},"content":{"rendered":"

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0SANTA ANA, California<\/strong><\/span><\/p>\n

\"\"A federal jury convicted an Orange County real estate investor, who successfully flipped foreclosed homes, guilty of three federal criminal tax charges, officials announced Thursday.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 John W. Rampello, 71, of Santa Ana, was found guilty on Wednesday of two counts of subscribing to a false individual income tax return. He was also guilty of one count of aiding and assisting in the preparation of a false individual income tax return.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 U.S.District Judge David O. Carter has scheduled sentencing for a June 27\u00a0 hearing. Rampello faces up to nine years in federal prison.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 According to evidence presented at his seven-day trial, Rampello, along with his business partners, was an established and successful property flipper of foreclosed homes in Orange County since the mid-1990s. <\/span><\/p>\n

During the tax years 2014 through 2016, Rampello and his partners flipped approximately 170 homes and the defendant\u2019s portion of the profits was approximately $2.1 million.<\/span><\/p>\n

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 Rampello and his business partners kept detailed records of their property flip activities, including the profits Rampello made on each property. <\/span><\/p>\n

But Rampello concealed this information from his income tax return preparers. He didn’t tell them that he was involved in the property flipping business.\u00a0<\/span><\/p>\n

As a result of the omission of his property flipping income from his 2014, 2015, and 2016 individual income tax returns, Rampello underreported his federal income.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0SANTA ANA, California A federal jury convicted an Orange County real estate investor, who successfully flipped foreclosed homes, guilty of three federal criminal tax charges, officials announced Thursday. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 John W. Rampello,…<\/p>\n","protected":false},"author":1,"featured_media":2717,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3255],"tags":[],"class_list":["post-49263","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-federal-court"],"yoast_head":"\nFlipper Filed False Federal Income Tax Returns That Left Out $2 Million of Income<\/title>\n<meta name=\"description\" content=\"\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0SANTA ANA, California A federal jury convicted an Orange County real estate investor, who successfully flipped foreclosed homes, guilty of three\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cjnotebook.com\/?p=49263\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" 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