Pa. tax adviser gets 10 years for $5M tax scheme
PHILADELPHIA - June 16, 2010 -- A tax adviser who thought he had unearthed secret loopholes in the U.S. tax code will spend a decade in prison for cheating the government out of $5 million.
Prosecutors say 60-year-old Bernard "Jay" Bagdis of Norristown used an elaborate web of shell companies to help doctors and other clients hide millions from the Internal Revenue Service.
Bagdis has been in custody since a jury convicted him and two co-defendants at trial last year. Nine others pleaded guilty.
Authorities say the group hid $24 million in income - and that one suburban Philadelphia radiologist paid no taxes on $3 million in income.
Bagdis, a Princeton-trained aeronautical engineer-turned lawyer, says engineering trained him to "push the envelope."
pennsylvania, philadelphia, taxes, local/state
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