Port Chester developer pleads guilty to tax evasion and other charges

March 21, 2019 01:24PM

Richard Josephberg, a former financial broker in Greenwich who also developed commercial and residential properties through his Port Chester-based Almorli Advisors, pleaded guilty this week to tax evasion and failure to file tax returns, the Westchester County Business Journal reported. Josephberg, 72, entered his guilty pleas in a federal court in downtown Manhattan, where he was indicted last September as part of an IRS investigation. Josephberg, represented by White Plains-based solo practitioner Jared Scharf, admitted to avoiding tax payments on a $1.57 million commission he received in 2011 while working at an investment firm in Manhattan. He did so by depositing $1.53 million in commission payments into accounts for Almorli Advisors, according to federal prosecutors. As part of his guilty plea, Josephberg also agreed to pay nearly $1.3 million in restitution to the IRS and New York State Department of Taxation and Finance. Josephberg, who has written about real estate investment strategy, previously ran into legal problems in 2007 when he was convicted on tax and health care fraud charges. [WBJ]