According to a report from NJ.comtrucking companies, a Monmouth County, New Jersey trucking company owner admitted in federal court Wednesday that he inflated the expenses of his wine delivery business to avoid paying more than $460,000 in taxes.

Giacomo Giorlando, 54, of Morganville, pleaded guilty before U.S. District Judge Peter G. Sheridan in Trenton to three counts of tax evasion and one count of bankruptcy fraud, according to a statement from the U.S. Attorney's Office.

Prosecutors said Giorlando, owner of 4 G's Trucking, filed for bankruptcy in May 2014 while hiding at least 11 bank accounts he used to mix business revenue with his personal funds.

Giorlando admitted he was responsible for a $460,012 tax loss in 2011, 2012 and 2014 as a result of concealing taxable income deposited in those accounts and inflating his business expenses.

Giorlando, who was charged following an investigation by the Internal Revenue service, faces a maximum potential sentence of up to five years in prison on each count and a $250,000 fine, prosecutors said.

His sentencing has been scheduled for Nov. 17.

Published in News & Notes