Camden County, NJ, Financial Planner Sentenced in Million-dollar Tax Evasion Case
A former financial planner from Camden County has been sentenced to 26 months in prison for evading more than $1 million in federal taxes.
63-year-old John Ryan of Cherry Hill had previously pleaded guilty to one count of tax evasion.
He was sentenced in Camden federal court on Tuesday.
According to documents filed in this case,
Ryan was working as an independent financial planner, helping to broker sales between clients and various financial businesses. One of these businesses engaged Ryan as a financial contractor to receive client funds on behalf of the business, and to operate and control one of its financial accounts. Ryan attempted to evade payment of his federal income taxes by converting the business and client funds in that account to his own personal income. By using the business account funds to satisfy expenses without the involvement of his personal bank accounts, Ryan was able to conceal the fact that he was withdrawing client funds and drawing checks on the business account in order to convert those funds to personal income.
U.S. Attorney Philip Sellinger says Ryan then purposely failed to report as income the cash he skimmed from the account, on which he was required to pay federal income taxes.
Once released, Ryan will serve two years of supervised release and he was ordered to pay $1,058,859 in restitution to the government.