Last Thursday William Frio was sentenced to five years at ClubFed. Mr. Frio was the accountant for Nifty Fifty’s, the Philadelphia-area restaurant chain with food themed from the 1950s and a tax strategy from the 1850s. Beginning in 1986, Frio and the five founders of Nifty Fifty’s skimmed cash, paid employees in cash, and generally committed tax evasion to the tune of $15 million.
That wasn’t enough for Mr. Frio. An active participant in the evasion scheme at Nifty Fifty’s, he decided to embezzle from the chain; after all, one good crime deserves another. He saw no reason to pay tax on the evaded funds, structured his deposits of those funds, and lied on a loan application. Earlier this year he pled guilty to these charges; besides the five years at ClubFed he must make restitution of $1.7 million.
Tags: Nifty.Fiftys