Cherry Hill financial planner admits tax evasion


Date: June 21, 2022


Camden, NJ — John Ryan a resident of Cherry Hill, NJ, pleaded guilty today to evading personal income taxes pertaining to money he diverted from a financial consulting business located in Hawley, Pennsylvania.

Ryan pleaded guilty before U. S. District Judge Joseph H. Rodriguez to one count of personal income tax evasion for the 2016 tax year. Sentencing is scheduled for October 26, 2022.

"Failing to file tax returns and pay your fair share of taxes will not be tolerated," stated Tammy Tomlins, Acting Special Agent in Charge, IRS Criminal Investigation, Newark Field Office. "Today's guilty plea is the direct result of the dedication and hard work of IRS Criminal Investigation employees who investigate those individuals who would attempt to defraud our Nation's tax system."

According to documents and statements made in court:

Ryan was an independent financial planner who helped broker sales between his clients and various financial businesses. Ryan had signature authority over a bank account for one of his consulting business clients. Ryan was responsible for depositing cash generated by the consulting business as well as client funds intended for investment.

From about 2013 through 2016, Ryan wrote checks to cash from his client's consulting business bank account and used the money for personal expenses. Ryan also wrote checks from the account to third parties to directly pay his own personal expenses. Some of these personal expenses included mortgage payments, rent payments for a rental property, vehicle lease payments, country club membership fees, over approximately $58,000 in restaurant bills and a gym membership. By utilizing his client's bank account to pay for his personal expenses, Ryan was able to conceal these withdrawals which he should have reported as personal income. To further conceal his scheme, Ryan limited the checks and withdrawals to amounts under $10,000.

For the 2016 tax year, Ryan admitted he failed to file a tax return and pay taxes of approximately $225,832. In total, between the years 2013 and 2016, Ryan received in excess of approximately $2,546,964 in income which he intentionally failed to report. This resulted in a tax due and owing of approximately $1,058,859.

As part of the plea agreement, Ryan agreed to make full restitution to the IRS in the amount of $1,058,859.

The charge of tax evasion carries a statutory maximum prison sentence of five years and a statutory maximum fine equal to the greatest of: (1) $250,000; (2) twice the gross amount of any pecuniary gain derived from the offense; or (3) twice the gross amount of any pecuniary loss sustained by any victims of the offense.

The investigation was conducted by IRS-Criminal Investigation, Newark Field Office, under the direction of Acting Special Agent in Charge Tammy Tomlins and the U.S.

Attorney's Office, under the direction of U.S. Attorney Philip R. Sellinger.

The government is represented by Assistant U.S. Attorney Lindsey R. Harteis.