SPRINGFIELD, Mass (WWLP) – A Longmeadow man will serve six months in federal prison, and six months “home confinement” for hiding more than $2 million in a foreign account.
U.S.District Court Judge Mark Mastroianni sentenced 50-year-old Michael Fitzgerald in Springfield federal Court Friday.
According to a News Release from the Justice Department, the IRS discovered Fitzgerald had $2.3 million in unreported bank accounts in Ireland from 2005 to 2012.
Under IRS reporting statutes, “United States citizens and residents who have a financial interest in a foreign bank account with a value of more than $10,000 must file with the United States Department of the Treasury a Report of Foreign Bank and Financial Accounts.
Fitzgerald must pay $1.1 million in penalties in addition to serving six months in federal prison and six months home confinement.
Fitzgerald pled guilty to one count of willfully violating the foreign bank reporting requirements.
The Justice Department identified Fitzgerald as “the owner and operator of a local roofing company.”