Basic Fisheries’ George Estudante to spend one year in jail for tax evasion
Former Basic Fisheries owner George Estudante was sentenced to a year and one day in federal prison after being found guilty of tax fraud last year.
In December 2017, Estudante pleaded guilty to two counts of failing to file tax returns and one count of filing a false tax return for his business’ income. Estudante, who is 57, was sentenced on Wednesday, 14 March.
As part of his sentence, the former New Bedford, Massachusetts-based seafood wholesaler will also face one year of supervised release and a requirement to pay USD 105,357 (EUR 85,375) in restitution.
According to the U.S. Department of Justice, Estudante failed to file income tax returns for 2010 and 2011, even though his business, Basic Fisheries, received more than USD 1.4 million (EUR ) in payments in 2010 and USD 1.6 million (EUR ) in 2011.
Estudante also falsely swore on his 2012 tax return that he had received approximately USD 530,000 (EUR 430,000) in gross receipts when his bank account reflected that he had received more than USD 740,000 (EUR 600,000).