The Head of Operations at a Syosset brokerage firm was recently indicted with tax crimes by the U.S. Department of Justice.
Dominick Pannitti, formerly of North Bellmore, allegedly used an automated system designed to adjust customers’ trading accounts for amounts less than $1,000 to accumulate over $570,000 for himself between 2005 and 2006. Pannitti used the automated system to credit his own trading accounts hundreds of times in increments less than $1,000.
He allegedly concealed the income from his accountant and failed to report it on his tax returns. A trial date has not been scheduled.
Pannitti faces a potential maximum sentence of eight years in prison and a potential fine of up to $500,000.
The case was investigated by the Internal Revenue Service (IRS) - Criminal Investigation and the FBI. The case is being prosecuted by Trial Attorneys Mark Kotila and Jeffrey Bender of the Justice Department’s Tax Division.