Sept. 05–GEORGETOWN — A local insurance salesman has been arrested for stealing over $500,000 from clients, money that a federal agent reported he used to feed a gambling habit.
Paul Disidoro, 64, of Georgetown, was charged with attempting to evade income taxes. He was arraigned yesterday in U.S. District Court in Boston.
Disidoro drew the attention of the Internal Revenue Service for evading taxes from 2007 to 2010. First licensed as an insurance provider in 1983, Disidoro had offices in Haverhill, Allston, and most recently his home in Georgetown. He also worked as a financial advisor, though he was not licensed, the IRS affidavit stated.
An IRS agent found that Disidoro had embezzled $515,597 from three clients, however the IRS charges stem from the fact that that stolen money wasn’t claimed on his tax returns. The IRS estimated he avoided about $160,000 in federal taxes.
The affidavit alleges that Disidoro embezzled $150,000 from one woman’s retirement account. The victim confronted him, and Disidoro allegedly stated he used it for gambling. The IRS then had the woman’s daughter call Disidoro in April, and monitored the conversation.
According to the affidavit, the daughter asked several questions, among them, “You said you stole it (money) because you were gambling; you had a gambling habit. Is that correct? Do you remember that?” To which he replied. “yeah.”
When asked by the daughter why he stole the money, Disidoro responded, “Because I was desperate. i was in a jam. I was in a jam situation. And when you do that, it’s hard to explain… And why I stole the money, I don’t know why. I had a gambling problem. It was like having a drug problem. The money is irrelevant. It doesn’t matter where it comes from, just like drinking or anything else. It’s a situation that — I just — you know, if I could undo it, I’d undo it.”
The affidavit states that Disidoro embezzled $275,000 from one of his client’s retirement fund. The victim, who is now deceased, sued and recovered $100,000. He stole about $90,000 from a third victim.
The charge of tax evasion provides a sentence of no greater than five years in prison, three years of supervised release, a fine of $250,000, or twice the gross gain or loss, whichever is greater. Actual sentences for federal crimes are typically less than the maximum penalties. Sentences are imposed by a federal district court judge based upon the U.S. Sentencing Guidelines and other statutory factors.
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