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* From the US Attorney’s office…
A Chicago consultant pleaded guilty today to a federal tax offense for willfully attempting to evade and defeat the assessment of income taxes.
EDWARD ACEVEDO, 58, of Chicago, pleaded guilty to a tax evasion charge before U.S. District Judge Matthew F. Kennelly. The conviction is punishable by a maximum sentence of five years in federal prison. Judge Kennelly set sentencing for March 9, 2022.
The guilty plea was announced by John R. Lausch, Jr., United States Attorney for the Northern District of Illinois; Justin Campbell, Special Agent-in-Charge of the IRS Criminal Investigation Division in Chicago; and Emmerson Buie, Jr., Special Agent-in-Charge of the Chicago Field Office of the FBI. The government is represented by Assistant U.S. Attorneys Amarjeet S. Bhachu, Diane MacArthur, Sarah E. Streicker, Timothy J. Chapman, Michelle Kramer, and Julia Schwartz.
Acevedo worked as a self-employed consultant. He admitted in a plea agreement that he willfully failed to file an individual income tax return for the calendar years 2015 through 2018, causing a loss to the IRS of at least approximately $37,380. Acevedo further admitted that he attempted to evade taxes by handling his affairs in a manner so as to avoid the creation and maintenance of customary business and accounting records.
After discovering that he was under investigation by the IRS, Acevedo provided incomplete information to his accountant concerning the sources of Acevedo’s income and expenses for 2017 and 2018, causing the accountant to prepare incomplete federal tax returns for those years, the plea agreement states.
* Jason Meisner reports…
Though the indictment stemmed from the ComEd probe, Acevedo’s plea will make no mention of it, or Public Official A, and he has no cooperation deal with the feds
Public Official A is former House Speaker Michael Madigan, in case you’ve been living under a rock. So, this was a one-off.
posted by Rich Miller
Tuesday, Dec 14, 21 @ 2:49 pm
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Is there an end in sight to this sprawling investigation? It seems to resemble a long running federal investigation from the 1990s involving Gov. Thompson’s seat mate at the National Governor’s Association meetings in the 1980s … no /s.
Comment by Anyone Remember Tuesday, Dec 14, 21 @ 3:10 pm
Another corrupt Chicago Democrat for the Illinois GOP to highlight in 2022 adds.
Comment by Pardon Joe Kotlarz Tuesday, Dec 14, 21 @ 3:12 pm
=== Another corrupt Chicago Democrat===
…with what money… what new voter does this bring?
Comment by Oswego Willy Tuesday, Dec 14, 21 @ 3:17 pm
@Pardon Joe- guess the Dems won’t use the insurrection, Donald Trump, or Mark Meadows or anyone else on the list for that matter that tried to overthrow the Govt?
Comment by Frank talks Tuesday, Dec 14, 21 @ 3:21 pm
===in 2022 adds===
I am generally lax on misspellings here, but “adds” used instead of “ads” really grates on me. Don’t do it.
Comment by Rich Miller Tuesday, Dec 14, 21 @ 3:26 pm
Is there an end in sight to this sprawling investigation?
As long as John Lausch is SA for Northern District of Illinois the pot will keep boiling.
Comment by Donnie Elgin Tuesday, Dec 14, 21 @ 3:30 pm
I can see it now: a grainy black and white photo of Eddie Acevedo and the caption, “Bailey 2022.” Game over.
Comment by Socially DIstant watcher Tuesday, Dec 14, 21 @ 3:34 pm
The guy didn’t file income tax returns for three years. Foolish and dumb? Yes. Corrupt? I’m not sure I’d go that far. Sadly we have a high bar for corruption in Illinois.
Comment by Shytown Tuesday, Dec 14, 21 @ 3:38 pm
Here we go…another Chicago chump who’s looking at time in the can for playing with numbers.
Dipping one’s beak…have these mopes learned nothing from their predecessors.
Comment by Rudy’s teeth Tuesday, Dec 14, 21 @ 3:49 pm
===Dipping one’s beak===
It wasn’t the dipping that he’s going down for.
Comment by Rich Miller Tuesday, Dec 14, 21 @ 3:51 pm
Foolish and dumb? Yes. Corrupt?
Corrupt yes, and a crime that is easily avoided. Better to file and list your illegal income than to not file…
“Willful failure to file a tax return is a misdemeanor pursuant to IRC 7203. In cases where an overt act of evasion occurred, willful failure to file may be elevated to a felony under IRC 7201.
If failure to file a return is fraudulent, a civil penalty known as the “fraudulent failure to file (FFTF) penalty” may apply under IRC 6651(f). This penalty may apply to all returns due after 12/31/1989 (without regard to extensions).
Comment by Donnie Elgin Tuesday, Dec 14, 21 @ 3:53 pm
What about Acevedo’s kids? Were their charges dropped?
Comment by MAS Tuesday, Dec 14, 21 @ 4:23 pm
Acevedo should translate to weasel.
Comment by Amalia Tuesday, Dec 14, 21 @ 4:51 pm
Mr. Assistant Majority Leader under MJM….goodness.
Comment by Pizza Man Tuesday, Dec 14, 21 @ 4:58 pm
Just a matter of time before he got pinched on something. One of the least impressive members of the ILGA. Liked the Pinot Grigio w ice at the Globe just a little too much…..Looks like he will keep his pension.
Comment by Helm Tuesday, Dec 14, 21 @ 10:37 pm