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Florida businessman headed to jail for tax evasion scheme involving Heritage Bank

Posted: Thursday, July 20, 2017. 10:14 a.m. CST.

By BBN Staff: A Florida businessman will spend over four years in prison for several tax evasion and fraud schemes, one of which involving Heritage Bank in Belize.

According to the United States Department of Justice (DOJ), 48-year-old Casey Padula of Port Charlotte will spend a total of 57 months in prison for defrauding the US Department of Treasury and the Internal Revenue Service (IRS).

Padula reportedly owned three companies: Demandblox, Inc, a marketing and information technology business in the US; along with Intellectual Property Partners Inc (IPPI) and Latin American Labor Outsourcing Inc (LALO), which were created in Belize.

Padula set up Heritage Bank accounts for his companies made in Belize, and between 2012 and 2013, he made routine fund transfers from Demandblox, Inc into those accounts of IPPI and LALO, totaling some US$2,490,688.

He used the funds to pay for personal expenses and purchase personal assets, but later falsely recorded the payments in Demandblox’s corporate books as intellectual property rights or royalty fees, then deducted them as business expenses on Demandblox’s 2012 and 2013 corporate tax returns.

He also used a Cayman Islands firm to hide millions of dollars through an account system where his name did not need to appear as the account holder, and defrauded Bank of America (BOA) of a mortgaged house worth $1.5 million.

Apart from his prison sentence, imposed by US District Court Judge Sherri Polster Chappell, Padula also had to serve three years of supervised release and pay a fine of US$100,000. He will also have to pay restitution of US$728,609 to the IRS and to BOA in the amount of US$739,459.90, the DOJ said.

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