New Jersey man admits to filing false tax returns, avoiding over $1 million in taxes

by
February 26, 2025

NEWARK, N.J. — A New Jersey man pleaded guilty to filing a false tax return, admitting he failed to report income over multiple years and avoided paying more than $1 million in taxes, federal authorities announced.

Francis Esposito, 66, of Red Bank, entered his guilty plea before U.S. District Court Judge Georgette Castner in Trenton federal court. He was charged with one count of filing a false tax return, Acting U.S. Attorney Vikas Khanna said.

Prosecutors said Esposito, who owned multiple business entities, failed to report substantial income on his personal tax returns from 2015 through 2018. His unreported earnings totaled approximately $3 million, resulting in an estimated tax loss of $1,149,372.

For tax year 2018 alone, Esposito omitted $719,272 in income, leading to a tax loss of $216,635. Similar discrepancies in previous years resulted in losses of $383,806 in 2017, $304,640 in 2016, and $244,291 in 2015, according to court documents.

The charge of filing a false tax return carries a maximum sentence of three years in prison and a fine of up to $250,000 or twice the financial loss caused by the offense.

Phil Stilton

Phil Stilton

Phil Stilton is the Editor and Publisher of Shore News Network, an independent digital news organization covering New Jersey, national politics, public policy, public safety, and community affairs. With years of experience reporting on local government, elections, law enforcement, and issues impacting residents throughout New Jersey, Stilton has built a reputation for delivering timely news, in-depth reporting, and accountability journalism.

As the founder of Shore News Network, Stilton oversees editorial operations, investigative reporting, and breaking news coverage while working closely with journalists, public officials, and community leaders. His reporting has covered municipal government, state politics, federal policy, public records investigations, emergency management, and major news events affecting local communities.

Stilton is committed to factual reporting, source verification, transparency, and providing readers with accessible, accurate information that helps them better understand the issues shaping their communities. Through Shore News Network, he continues to focus on delivering trusted news coverage and original reporting to audiences across New Jersey and beyond.

For story tips, corrections, or media inquiries, readers can contact Shore News Network through its official website and social media channels.