The owners of a popular Philly cheesesteak restaurant chain have been sentenced in an $8 million tax fraud case

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Famous owners Philadelphia Cheesesteak Tony Luke’s restaurant was sentenced to prison for tax fraud on Thursday after hiding more than $8 million over the course of a decade.

The owners, 57-year-old Nicholas Lucidonio and 84-year-old Anthony Lucidonio Sr., were sentenced to 20 months in prison plus three years of supervised release, the U.S. Department of Justice announced.

Lucidonios is owned and operated by Tony Lux, a… Popular cheesesteak And a sandwich shop in South Philadelphia.

Court documents show that between 2006 and 2016, the two men hid more than $8 million in cash receipts from the Internal Revenue Service (IRS), and deposited only a portion of the cash they received into restaurant business accounts.

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Two owners of Tony Locks in South Philadelphia have been sentenced to 20 months in prison for tax fraud in which they hid $8 million from 2006 to 2016.

By depositing only a portion of the cash, the company’s accountant was provided with incomplete information, resulting in the accountant filing false tax returns, the Justice Department said.

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The Justice Department also said the Losdonios were also convicted of employment tax fraud, which was committed when the two men paid employees “off the books” in cash.

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Tony Luke South Philly

Two owners of Tony Luke’s restaurant in South Philadelphia have been sentenced to 20 months in prison for tax fraud in which they hid $8 million from 2006 to 2016.

Most employees were paid a portion of their wages on the books to avoid getting caught, and the rest of the wages were paid in cash without paying things like federal income tax, Social Security, and Medicare taxes to the IRS.

The Justice Department said the Losdonios did not report cash wages to their accountant, causing the accountant to prepare a false quarterly employment tax. Returns with the IRS.

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Tony Luke South Philly

Two owners of Tony Luke’s restaurant in South Philadelphia have been sentenced to 20 months in prison for tax fraud in which they hid $8 million from 2006 to 2016.

This issue became known in 2015, when the Losdonios and another person got into a dispute over Tony Luke’s franchise rights.

During the dispute, the Losdonios became concerned that their tax fraud scheme might be exposed, so they amended the previous year’s tax returns to show higher reported sales, the Justice Department said.

However, the two men continued to hide their payroll tax scheme, resulting in the United States losing $1,321,042.

Original article source: The owners of a popular Philly cheesesteak restaurant chain have been sentenced in an $8 million tax fraud case

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