Accountant Who Stole $330,000 From Disabled Man Gets Work Release

WAUKEGAN, IL — A former accountant who admitted stealing hundreds of thousands of dollars from a developmentally disabled man was sentenced last week to three and a half years of probation with periodic imprisonment.

Thomas Errico, 81, of Highland Park, was accused of stealing from clients who hired him to prepare their tax returns at the defunct firm of Anspach, Errico & Co., according to the Illinois attorney general's office, which prosecuted the case.

Errico's theft was first discovered by the nephew of one of his regular clients.

While reviewing his 86-year-old developmentally disabled uncle's bank records, the nephew noticed that, from 2012 to 2016, more than 30 checks — totaling about $343,000 — had been paid to Errico's accounting firm from his uncle's account, according to the attorney general's office.

Errico, who had been hired to file the uncle's taxes, failed to file or filed incorrect returns in the 2013, 2014 and 2015 tax years. Prosecutors said he gave less than $10,000 of the money to the government and stole the rest.

The incident was reported to Highland Park police in January 2017. Following a 20-month investigation, Errico was indicted in September 2018 on charges of theft, financial deception of the elderly and theft by deception of more than $5,000 from a senior citizen. Errico turned himself in to police the following month and was released on bond while awaiting trial.

In August 2021, Errico pleaded guilty to theft in exchange for the prosecution dropping the other charges. At a March 2 sentencing hearing before Lake County Circuit Court Judge Mark Levitt, he was sentenced to 36 months of probation with periodic imprisonment, which means he will be permitted to leave the Lake County Jail for employment or medical reasons.

Errico was also ordered to pay $330,000 in restitution, according to the office of Illinois Attorney General Kwame Raoul.

“When people hire an accountant to prepare their annual tax returns, they are trusting that individual to ensure that filings are accurate and meet state and federal government requirements,” Raoul said. “I will continue to ensure that accountants and tax preparers who lie to or steal from clients are held accountable for their actions.”

Patch requested comment through Errico's listed attorney, and any response received will be added here.

Errico was a certified public accountant from September 2009 until he allowed his license to expire in September 2018, according to the Illinois Department of Financial and Professional Regulation. He was never disciplined by the state regulatory agency.

Raoul's office reminded residents to be aware of potentially problematic tax preparers, recommending that consumers avoid tax prepares or engage in any of the following:

-Fail or refuse to provide access to their electronic documents.
-Ask you to sign a blank or incomplete tax form.
-Offer to e-file a tax return using a pay stub instead of a federal W-2 form. Doing so is a violation of IRS e-file rules.
-Base preparation fees on a percentage of the tax refund. You should obtain the full cost of tax preparation services before signing a contract, and pay up-front if you are able to do so.
-Guarantee bigger refunds than their competition. Scam preparers often mislead consumers into taking deductions they are not entitled to claim. They also invent income that erroneously qualifies consumers for tax credits.
-Require payments in cash only and do not provide a receipt.
-Direct refunds into the preparer’s bank accounts.
-Mark returns as “self-prepared,” or affix a business label rather than sign the form by name.
-Refuse or fail to provide a Preparer Tax Identification Number (PTIN). Anyone paid to prepare or assist in preparing federal tax returns is required by law to have a valid PTIN. Visit the IRS’ online directory of federal tax return preparers to verify preparers’ credentials.