The owners of a popular Ocean City, N.J., boardwalk pizzeria pleaded not guilty to 30 counts of tax evasion on Monday.
Charles Bangle, 54, and Mary Bangle, 53, who own Manco & Manco, appeared in federal court in Camden after being indicted on 30 counts of tax evasion Monday afternoon.
They were charged with one count of conspiracy to evade income taxes, five counts of income tax evasion for 2007 through 2011, and one count of making false statements to the IRS.
Charles Bangle is also charged with 23 counts of structuring financial transactions to avoid reporting requirements.
They were released on a
$100,000 unsecured appearance bond, and their travel is being restricted to the continental United States.
Between 2007 and 2011, Charles and Mary Bangle allegedly skimmed large sums of cash from the business, according to the indictment.
Charles Bangle deposited significant amounts of that cash into their personal bank account at TD Bank in amounts less than $10,000 in order to avoid triggering a Currency Transaction Report from financial institutions to the U.S. Department of Treasury.
The Bangles then used the money to pay for personal expenditures. They allegedly concealed approximately $981,000 in income from the IRS, which they had a legal obligation to report on their personal income tax returns.
Had they accurately reported all their income to the IRS, the Bangles would have owed an additional $336,273.
The Bangles claimed the deposits into their personal checking account were from cash salary earned at the pizza business.
Each of the 30 counts of the indictment carries a maximum potential penalty of five years in prison and a $250,000 fine.