Last month I reported on the Nifty Fifty’s chain of restaurants in Philadelphia. As expected, an indictment on tax charges was coming. And it appears that a plea deal did occur, as all five defendants pleaded guilty on Friday to various tax charges.
While the two owners face 50 years in prison, it’s likely they’ll receive lesser terms. As noted in my earlier post, all of the tax, penalties, and interest have been repaid. However, given the length of time the scheme ran, the amount of money involved, and the fact that it was only when the scheme blew up that the defendants cooperated, I expect a visit to ClubFed is in all of their futures.