Claudio Poles, a 78-year-old man from Dorchester, is facing charges for allegedly covering up purchases of more than $10 million worth of gold and silver bars with the company’s money. According to court documents, Poles wrote checks indicating that the purchases were for “boilers” and “materials” to conceal his actions.
Poles faces four counts of filing false tax returns in connection with the scheme to purchase precious metals. It is reported that Poles and federal prosecutors may have reached an agreement on a plea deal, although this information has not been confirmed by either Poles’ attorney or the U.S. attorney’s office.
Between 2019 and 2022, Poles hired a tax preparer to complete tax filings for the company, Economy Plumbing and Heating Supply Company. However, prosecutors allege that Poles failed to report all of the company’s gross plumbing receipts to the tax preparer, resulting in inaccurate tax filings. Poles is accused of using the unreported excess receipts to purchase over $10 million worth of gold and silver from a bullion dealer, falsely claiming the purchases were for company equipment.
Prosecutors further allege that Poles falsely reported losses totaling around $75,000 and omitted over $8.3 million in income he received from the purchase of the bars using the company’s money. These actions reportedly cost the IRS approximately $3 million in tax loss. A conviction on all four counts of filing a false tax return could result in Poles facing up to 12 years in prison.
In summary, Claudio Poles is accused of engaging in a scheme to fraudulently purchase precious metals with the company’s funds and evade paying taxes on the acquired income, ultimately harming both his business and the IRS.
