Co-Owner Of Royal Rolling Chairs Admits to Defrauding U.S. Out Of $119,800 In Taxes: Authorities

A co-owner of Atlantic City based Royal Rolling Chairs admitted his role in a conspiracy to defraud the IRS of $119,880 in income taxes over three years, U.S. Attorney Paul J. Fishman said on Thursday.

John Schultz, 74, of Atlantic City, pleaded guilty to an information charging him with one count of conspiracy to defraud the United States.

Schultz, William Boland, and another person ran Royal Rolling Chairs Inc., a business that provided rolling chair services for patrons on the Atlantic City Boardwalk, according to documents filed in the case and statements made in court.

Schultz admitted that he and his two partners hid gross cash receipts from the operation of the business and did not report this revenue to the IRS.

He admitted that the business maintained a second set of books, which tracked the unreported cash revenue taken out of the business.

He faces a maximum potential penalty of five years in prison and a $250,000 fine, or twice the gain or loss from the offense. Sentencing is scheduled for Jan. 9, 2017.

Boland previously pleaded guilty to the same conspiracy charge and is scheduled to be sentenced on Oct. 25.
Abdus Mian, the bookkeeper for Royal Rolling Chairs, pleaded guilty to making false statements to federal investigators and was sentenced on April 4, 2016 to one year of probation.