TRENTON, N.J. – Princeton Junction resident Gordian A. Ndubizu, 67 has been arrested and charged by the Department of Justice for tax evasion and filing false tax returns. Ndubizu, according to the DOJ is an accounting professor at Drexel University. The Department of Justice alleges Nbudizu failed to report $3.3 million in income, resulting in $1.3 million in tax evasion.
Ndubizu was charged in an eight-count indictment unsealed today with four counts of tax evasion and four counts of filing false tax returns in tax years 2014 through 2017. He is scheduled to make his initial appearance by videoconference this afternoon before U.S. Magistrate Judge Tonianne J. Bongiovanni.
According to a release issued by the Department of Justice:
During tax years 2014 through 2017, Ndubizu was a professor of accounting at a university in Pennsylvania as well as the co-owner of Healthcare Pharmacy in Trenton. The pharmacy was organized as an S corporation, the income of which flowed through to Ndubizu and his wife and was to be reported on their personal income tax returns.
Ndubizu prepared fraudulent books and records for Healthcare Pharmacy inflating the pharmacy’s costs of goods sold to reduce and underreport the pharmacy’s actual profits flowing through to Ndubizu and his wife. Ndubizu identified certain wire transfers as payments to purchase goods sold by the pharmacy when these wire transfers were in fact made to personal bank accounts under Ndubizu’s control and to bank accounts in Nigeria associated with an automotive company under Ndubizu’s control.
Each of Ndubizu’s tax returns for tax years 2014 through 2017 falsely underreported his income and falsely reported that he had no financial interest in or signature authority over any foreign bank accounts. Ndubizu failed to report approximately $3.3 million in income from the pharmacy, resulting in the evasion of approximately $1.3 million in tax due and owing.