SPRINGFIELD, Mass. (WGGB/WSHM) – A local contractor was sentenced to probation on Monday after participating in tax fraud involving hundreds of thousands of dollars over three years.
Dennis Condron owned and operated D. Condron Construction in Berkshire County. According to the U.S. Attorney’s office, he pleaded guilty to four counts of tax fraud in February.
Condron, 76, hid over half a million dollars in customer checks by cashing them and diverting them to his personal accounts and did not tell his tax preparer about it. This happened over a three-year period.
As a result, Condron kept hundreds of thousands of dollars that he should have paid in federal and state income taxes, the attorney’s office said.
Along with one year of probation, Condron was ordered to pay a $40,000 fine and over $200,000 in restitution after the government recommended six months in prison.
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Investment fraud targets the human desire for financial growth by promising high returns with “low to no risk.”
- Ponzi Schemes: Named after Charles Ponzi, these schemes pay “returns” to earlier investors using the capital brought in by newer investors. There is no actual underlying business; the system collapses when new recruitment slows down.
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- Pump and Dump: Fraudsters spread false, positive rumors about a cheap stock (the “pump”) to drive up the price. Once the price peaks, they sell their shares (the “dump”), leaving other investors with worthless stock.