10 Updates

IRS Alleges Iconic Pizza Shops Offered Up Slices, Hold The Taxes

Apr 3 2014, 10:40pm CDT | by

The U.S. Attorney’s Office claims that owners of an iconic pizza shop were cooking more than just slices: they were also cooking the books. Today, Charles and Mary Bangle appeared in a federal court...

Filed under: news

 
 
 

15 weeks ago

IRS Alleges Iconic Pizza Shops Offered Up Slices, Hold The Taxes

Apr 3 2014, 10:40pm CDT | by

The U.S. Attorney’s Office claims that owners of an iconic pizza shop were cooking more than just slices: they were also cooking the books.

Today, Charles and Mary Bangle appeared in a federal court in Camden, New Jersey, to face charges of conspiracy to evade income taxes , income tax evasion, and making false statements to the IRS. Charles Bangle was also charged with multiple counts of “structuring” in order to avoid reporting requirements.

The Bangles are the owners of four Manco & Manco pizza shops (the shops were formerly called Mack & Manco but the name was changed in 2011 after Mary and her husband bought the business from her parents). The shops are synonymous with summers at the Jersey shore: three of their four shops can be found on the Boardwalk (if you have to ask which Boardwalk, you’ve clearly never been to Ocean City).

According to the indictment, Manco & Manco raked in nearly $4.5 million per year in cash sales alone. And since the business was geared towards those vacationing at the shore, most of the cash came in at peak tourist season (summer, of course). The feds allege that the Bangles used a series of maneuvers in order to avoid reporting nearly $1 million. As a result, the Bangles allegedly failed to pay $336,273 in federal income tax.

The indictment alleges that the Bangles took advantage of the fact that the pizza shops were cash based and skimmed money from the business. That money was deposit into the couple’s personal account at TD Bank. To avoid detection, the feds allege that the couple purposefully deposited less than $10,000 with each visit to the bank. By law, banks are required to report cash deposits which total more than $10,000 in any single day. The reporting requirement is meant to help the government track large transactions and prevent money laundering. One of the ways to get around the law is to break down large transactions into smaller ones, sometimes called structuring. While making cash deposits of less than $10,000 is not illegal under 18 U.S.C. § 5324(a), it is a violation if you structure transactions to avoid reporting requirements.

That’s exactly what the feds say the Bangles did. The indictment outlines bundles of transactions which the Bangles allegedly structured to avoid detection, most of which occurred in 2010 and 2011.

You can read the indictment here:

The Bangles deny the charges.

Charles Bangle, who is represented by counsel, will be required to hand in his passport and his guns (12 handguns, two rifles and two shotguns). Mary Bangle is not yet represented by counsel and will be required to hand in her passport after her arraignment. The two filed joint federal income tax returns and ran the businesses together but will be represented separately.

Despite the arrests, they’re still flipping pies at Manco & Manco, just as spring is making an appearance at the Jersey Shore. That might not be the case in a few months: if convicted, the pair faces significant jail time and fines.

Want more taxgirl goodness? Pick your poison: receive posts by email , follow me on twitter (@taxgirl) , hang out with me on Facebook or check out my YouTube channel . If you want to keep an eye on documents I’ve posted, check out my profile on Scribd . And finally, you can subscribe to my podcast on the site or via iTunes (it’s free).

 
Update
10

6 weeks ago

RM47mil KWSG contributions still unclaimed

Jun 9 2014 7:54am CDT | Source: Business Times Malaysia

Cambodia's Famous Battambang Circus
KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the Dewan Rakyat was ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
9

6 weeks ago

Gold shop lost almost RM1mil

Jun 9 2014 3:50am CDT | Source: Business Times Malaysia

"GOLDEN ASIA" Tokyo Premiere Press Conference
KANGAR: A gold shop owner lost almost RM1 million after after the safe on in his shop was broken into by robbe ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
8

6 weeks ago

Motion to debate MAS losses in Dewan Rakyat rejected

Jun 9 2014 3:39am CDT | Source: Business Times Malaysia

The Prince Of Wales Visits The Royal International Air Tattoo
KUALA LUMPUR: AN emergency motion to debate the losses incurred by Malaysia Airlines last year, amounting to RM1.2 billion was rejected by th ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
7

6 weeks ago

MH370 Tragedy: Hisham: RM27.6 mil spent on 1st phase of SAR

Jun 9 2014 2:11am CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Minister, Dat ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
6

6 weeks ago

9.1m litres of diesel seized in a month

Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

INDIA-CHINA-DIPLOMACY-TRADE
PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Selatan’ in the southern st ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
5

6 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

Government Weekly Cabinet Meeting
KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.78 million in compensat ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
4

6 weeks ago

Malaysia's total trade in April up 12pc

Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Industry Minister Datuk S ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
3

6 weeks ago

Works Ministry to spend RM20m for upgrading works at 50 accident black spots

Jun 4 2014 11:35pm CDT | Source: Business Times Malaysia

Iskandar Johor Open - Previews
JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involving an al ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
2

6 weeks ago

Najib launches loan scheme for Ramadan traders

Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

EurAsia Cup presented by DRB-HICOM - Day One
PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramadan Bazaar Scheme 2 ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
1

6 weeks ago

Residents bring up objection against Kidex to Suhakam

Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billion Kinrara Dam ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

Don't miss ...

 

<a href="/latest_stories/all/all/30" rel="author">Forbes</a>
Forbes is among the most trusted resources for the world's business and investment leaders, providing them the uncompromising commentary, concise analysis, relevant tools and real-time reporting they need to succeed at work, profit from investing and have fun with the rewards of winning.

 

blog comments powered by Disqus

Latest stories

US airlines cancel flights to Israel
Washington, July 23 (IANS) Two major US civil aviation giants, Delta Airlines and US Airways announced Tuesday that they have cancelled flights to Israel due to safety and security concerns.
 
 
China's rotten meat scandal spreads to Japan (Roundup)
Beijing/Tokyo, July 22 (IANS) A rotten meat scandal which led several fast food chains to withdraw some of their most popular dishes in China this week spread to Japan Tuesday, as McDonald's announced it had stopped selling fried chicken.
 
 
Study reports worldwide drop in HIV cases
Sydney, July 22 (IANS/EFE) The number of people with HIV has dropped by 18.7 percent since 2012, according to a report made public at the 20th International AIDS Conference being held in Melbourne.
 
 
China seals McDonald's, KFC supplies after scandal
Beijing, July 22 (IANS) Authorities in China have rushed to seal up suspicious meat products in fast food chains, including McDonald's and KFC, after one of their suppliers was accused of selling stale meat.
 
 
 

Latest from the Network

Russia ready to join probe into airliner crash
Moscow, July 23 (IANS) Russia is ready to join the international investigation led by the International Civil Aviation Organisation (ICAO) into the crash of the Malaysian Airlines MH17, Moscow said Tuesday. "Russia is...
Read more on Politics Balla
 
Kris Jenner to release cookbook
Kris Jenner is releasing her own cookbook. The 58-year-old matriarch has put together some of her best recipes and top tips for entertaining guests in her new book 'In The Kitchen With Kris: A Kollection of Kardashian-...
Read more on Celebrity Balla
 
Zoe Saldana: My husband's tattoo was 'romantic'
Zoe Saldana thought her husband's tattoo of her face was ''the most romantic thing''. The actress' beau Marco Perego - whom she married last year - had her facial features etched onto his arm and, although she tried to...
Read more on Celebrity Balla
 
Jimmy Kimmel cried at daughter's birth
Jimmy Kimmel cried at the birth of his baby daughter. The chat show host, 46, admits he was reduced to tears when he and his wife Molly McNearney welcomed their first child Jane into the world earlier this month....
Read more on Celebrity Balla
 
Lady Gaga is 'curvy and proud'
Lady Gaga is ''curvy and proud''. The 28-year-old singer - who is known for her bizarre outfits - insists she feels comfortable with her own body and gets satisfaction from flaunting it in front of people. The blonde...
Read more on Celebrity Balla
 
US airlines cancel flights to Israel
Washington, July 23 (IANS) Two major US civil aviation giants, Delta Airlines and US Airways announced Tuesday that they have cancelled flights to Israel due to safety and security concerns. According to FlightAware....
Read more on Politics Balla
 
ICAO in Ukraine to analyse MH17 flight recorders
Donetsk/Kiev, July 23 (IANS) A delegation of specialists from the International Civil Aviation Organisation (ICAO) is in Kharkiv, Ukraine's second largest city, for further analysis of the flight recorders from the...
Read more on Politics Balla
 
Why Apple’s iPhone 6 should launch on September 12th
While some reports say the next-gen iPhones will be launched on September 19th – not to mention that some retailers already offer pre-order options of the iPhone 6, despite the fact that it doesn’t yet exist – Business...
Read more on Apple Balla
 
Crazy rumors say thinner iPad mini ‘Air’ is coming soon, 12.9-inch iPad Pro set for 2015
The iPhone 6 may be the hottest device coming from Apple this year, but that doesn’t mean the company has stopped working on some other interesting products. A new report from Taiwan’s Economic Daily News says Apple...
Read more on Apple Balla
 
Dream come true for Buttler, surgery time for Prior
London, July 22 (IANS) New England wicket-keeper Jos Buttler finally gets the Test status after serving as a One-Day cricketer and this, he says, is a "dream come true". Lancastrian Buttler, 23, has played 63 times in...
Read more on Sport Balla