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Canfield man indicted on federal tax-evasion charges



Published: Fri, April 15, 2011 @ 4:43 p.m.

CANFIELD — A federal grand jury in Cleveland has indicted a Canfield man on tax-evasion charges.

Michael G. Malvasi, 48, of Timber Run Drive, was named in a three-count indictment filed Wednesday, according to a news release from the U.S. Department of Justice.

In count one, Malvasi is accused of failing to report portions of his income earned in 2005 through a skilled-gaming business he owns “in an attempt to evade his personal income tax liability.”

Malvasi reported $9,035 in taxable income for 2005, but his taxable income actually was $76,987, the indictment stated. He owes $24,819 in taxes for 2005.

Malvasi is accused in counts two and three of paying no taxes in 2006 and 2007. He had a combined taxable income of $329,420 and owes a total of $80,916 in back taxes for those two years, according to the indictment.

If convicted, Malvasi could face up to five years in prison on each count.


Comments

1Stan(9923 comments)posted 3 years, 2 months ago

He can't seem to pay his bills .

http://www.courts.co.trumbull.oh.us/p...

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2howardinyoungstown(591 comments)posted 3 years, 2 months ago

Maybe he has a gambling problem?

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3Freeatlast(1991 comments)posted 3 years, 2 months ago

Just another small businessman giving it to the man .

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4justonevoice(94 comments)posted 3 years, 2 months ago

This really infuriates me.....with the amount of money he made and the amount of taxes he would have paid would not have changed his lifestyle one iota. Of course, in
the words of Leona Helmsly "only the little people pay taxes"......"the little people"...those of us struggling on $24,000 a year are the little people I guess. Greed, pure and simple. What a jerk.

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5bugsie(3 comments)posted 3 years, 2 months ago

this storie is "hear say".... a guy with the same name as the crook above was involved in a beating that took place in 1986 in niles that resulted in the death of vint rounds. mike is a crook who should be in prison. im pretty sure the father of mike malvasi was charged with tax evasion. as well within the past 8years. FAMILY business !!!! this guy lives his life above the law. everyone who knows about the VINT ROUNDS MURDER knows this guy was the one who gathered up his friends to help him kill vint over a poker game, then some how the beating / murder became a cover up. maybe the NILE$ POLICE will follow the lead of the FBI and move on from their past mistakes and charge this guy with the crimes he commited. what comes around goes around, that goes for ALL people involved. but thats just hear say as well. LOL

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6ItAintEasy(15 comments)posted 3 years, 2 months ago

Youngstown - "It Ain't Easy"

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7howardinyoungstown(591 comments)posted 3 years, 2 months ago

My solution is a flat income tax on individuals of 9% on all income above $20,000 with no deductions; thus any couple or registered domestic partners would not be taxed on the first $40,000.
Corporations would be subject to the same 9% flat rate on incomes above $2 million a year with no deductions.

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