A North Bellmore man was charged by federal officials Friday and stands accused of committing multiple tax crimes after he allegedly received more than $500,000 that he was not entitled to, the US Justice Department said Oct. 25.
Dominick Panniti – whose last known address was in North Bellmore – has been indicted by a federal grand jury after an investigation by the FBI and Internal Revenue Service.
Authorities said Pannitti worked as the head of operations for an unnamed Syosset-based securities brokerage firm. The firm reportedly used an automated system that was designed to adjust customers’ trading accounts for amounts less than $1,000, a news release said.
Federal officials allege Pannitti used the system “hundreds of times” to credit his own trading accounts in increments less than $1,000. The credits – which prosecutors said he was not entitled to – totaled over $570,000 from 2005 to 2006. He then allegedly concealed the information from his accountant and failed to report the income on his tax returns, the Justice Department said.
If he is convicted of the charges, Pannitti faces up to eight years in prison and up to $500,000 in fines.
There was no phone number listed in public records for Pannitti. As of this writing, officials have yet to set a trial date.