Drexel accounting professor indicted for $1.2 million tax evasion
The Drexel University professor allegedly stashed revenue in Nigerian financial institution accounts
A federal grand jury indicted a Drexel College accounting professor on rates that he underreported above $3 million in enterprise profits, foremost to unpaid taxes of in excess of $1.2 million.
“Gordian A. Ndubizu [pictured], 67, of Princeton Junction, New Jersey, is charged in an 8-rely indictment unsealed now with 4 counts of tax evasion and four counts of submitting wrong tax returns in tax years 2014 by 2017,” the Section of Justice introduced Thursday.
The DOJ said:
Ndubizu prepared fraudulent guides and records for Health care Pharmacy inflating the pharmacy’s fees of goods offered to minimize and underreport the pharmacy’s actual gains flowing by to Ndubizu and his wife. Ndubizu determined specific wire transfers as payments to invest in products sold by the pharmacy when these wire transfers were in simple fact produced to individual lender accounts under Ndubizu’s regulate and to bank accounts in Nigeria involved with an automotive firm beneath Ndubizu’s regulate.
“Each of Ndubizu’s tax returns for tax decades 2014 by 2017 falsely underreported his cash flow and falsely reported that he had no monetary curiosity in or signature authority over any overseas bank accounts,” the federal government alleged. “Ndubizu failed to report around $3.3 million in money from the pharmacy, ensuing in the evasion of about $1.3 million in tax because of and owing.”
Florence Ndubizu, the professor’s spouse, also faces federal rates connected to the pharmacy business enterprise. The DOJ announced independently that she has been accused of “distributing and dispensing…large portions of oxycodone and other managed substances from a pharmacy.”
The Drexel professor has a few accounting degrees and received the “Outstanding Global Accounting Educator Award” from the American Accounting Affiliation.
“He is one particular of the pioneers and leaders that released empirical exploration technology to international accounting scientific tests,” the affiliation said in 2012. “These contributions make Dr. Ndubizu an exemplary worldwide accounting educator.”
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