Atlantic County man admits personal income tax evasion

 

Date: May 7, 2020

Contact: newsroom@ci.irs.gov

CAMDEN, N.J. – An Atlantic County, New Jersey, man today admitted evading payment of income taxes on money he diverted from his businesses.

Coby Frier of Atlantic City, New Jersey pleaded guilty by videoconference before U.S. District Judge Noel L. Hillman to an information charging him with one count of income tax evasion.

According to documents filed in this case and statements made in court:

Frier was one of the owners of several bars, restaurants, and clubs in Atlantic City, New Jersey. Frier admitted that from 2012 through 2015, he took cash skimmed from the businesses and deposited those funds into his personal bank accounts. He later used those funds for personal expenses, including luxury hotels, department store purchases, and restaurants. Frier also admitted to using cash skimmed from the businesses to make down payments on luxury vehicles and to attempting to evade detection by the IRS by keeping these down payments under the $10,000 cash reporting threshold.

For 2012 through 2015, Frier did not report as income the cash skimmed from the businesses, did not file personal income tax returns, and did not pay any personal income taxes. Frier admitted that he owed to the United States tax on this unreported income.

The charge to which Frier pleaded guilty carries a maximum potential penalty of five years in prison and a $250,000 fine. Sentencing is scheduled for Sept. 11, 2020.

Special agents of IRS – Criminal Investigation, under the direction of Acting Special Agent in Charge Laura J. Perry, and special agents of the FBI, under the direction of Special Agent in Charge Gregory W. Ehrie in Newark, conducted the investigation leading to today's guilty plea.

The government is represented by Deputy U.S. Attorney Matthew J. Skahill and Assistant U.S. Attorney Daniel A. Friedman of the U.S. Attorney's Office's Criminal Division in Camden.