Owner of North Reading Restaurant Sentenced for Failing to Report $1.9 Million in Business Receipts

BOSTON – The owner of Mike’s Famous Roast Beef & Pizza in North Reading was sentenced today in federal court in Boston for committing tax fraud by failing to report approximately $1.9 million in business receipts.

Emanuel Panousos, a/k/a Mike Panousos, 44, of Peabody, was sentenced by U.S. Senior District Court Judge Douglas P. Woodlock to 21 months in prison, one year of supervised release, and ordered to pay a fine of $7,500 and restitution of $387,180. In May 2019, Panousos pleaded guilty to two counts of aiding and assisting in filing false corporate tax returns.

From 2013 through 2015, Panousos skimmed business cash receipts totaling about $1.9 million, and failed to report those cash receipts to his tax preparer or on the restaurant’s corporate tax returns. As a result, Panousos avoided paying both corporate and personal taxes totaling approximately $387,180 during those years.

United States Attorney Andrew E. Lelling and Kristina O’Connell, Special Agent in Charge of the Internal Revenue Service’s Criminal Investigations in Boston made the announcement. Assistant U.S. Attorney Mark J. Balthazard of Lelling’s Securities and Financial Fraud Unit prosecuted the case.

Read more: https://www.justice.gov/usao-ma/pr/owner-north-reading-restaurant-sentenced-failing-report-19-million-business-receipts