![]() “Instead of reporting the $167 million of income from Alpha on Teo’s personal tax returns in 2016, 20, and paying taxes on that income, the income was reported on AAST’s corporate tax returns,” the news release says. Federal investigators say the money Alpha recorded as salary to AAST was instead provided for the benefit of Teo with some of it sent directly to his trading accounts. Attorney’s Office in Newark, N.J.Īlpha didn’t provide AAST with the $167 million that AAST claimed as income in 2016, 20. (AAST), which is another Teo-owned entity unrelated to his plastics businesses that he used to hide personal income, according to a news release from the U.S. Instead, $167 million was recorded as income to AAST Holding Corp. Teo returned only a portion of the $600 million to Alpha and didn’t report the remaining amount as income on his personal tax returns. If convicted, Teo faces a maximum penalty of five years in prison and a $250,000 fine.Īccording to documents filed in the case and statements made in court, Teo diverted $600 million from Alpha’s line of credit directly to his brokerage accounts to trade and pay off margin calls for his heavy trading in the securities markets. The Boca Raton, Fla., resident, who founded Lyndhurst, N.J.-based Sigma Plastics Group in 1978, was charged with one count of tax evasion and his bond was set at $20 million during a June 17 video conference before U.S. ![]() ![]() Alfred Teo Sr., the 74-year-old majority shareholder of Alpha Industries Management, a multibillion-dollar plastics manufacturing holding company, has been charged with evading more than $61 million in income taxes from 2016 through 2018. ![]()
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