Jimmy Mitlo: Incredibly Successful Machine Repairman Gets Two Years. Owes IRS $550,000

Jimmy Mitlo is one industrious guy, but he's going to have a lot of time on his hands pretty soon.

He'll be in a federal prison, perhaps contemplating how he's going to come up with the $550,000 he needs to reimburse the IRS for unpaid taxes.

Mitlo "made substantial amounts of money in years 2004 through 2008 in repairing machines and in selling scrap metal," the U.S. Attorney's office says, and we believe them. Who knew machine repair could be so lucrative?

Mitlo was no doubt a diligent worker, especially when it came to concealing from the IRS how much money he was making.

Says the USAO:

Some of the steps Mitlo and others undertook to conceal income and assets from the IRS...included cashing checks at check-cashing companies, using bank accounts opened in the names of others, failing to file timely income tax returns for years 2001 through 2008, depositing large amounts of cash into the nominee bank accounts, and sometimes breaking larger deposits of cash into amounts of less than $10,000, the amount which requires a bank to report cash transactions to the U.S. Department of Treasury.

The money he made was enough to produce a tax bill of $205,781.27 for the years 2004 through 2008. Penalties and fines and accruing interest led to the total $550,000 reimbursement figure.