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Executive pleads guilty in tax case

Joseph Ryan, vice president and director of research at Brighton Securities Inc., has been suspended indefinitely from the firm after pleading guilty to a misdemeanor charge of failing to file a state tax return.

“Though this is a personal matter of Joseph Ryan, Brighton Securities views this with the utmost seriousness and will evaluate what other actions we will take to address this,” firm President George Conboy said in a statement released Tuesday. “Mr. Ryan is suspended indefinitely pending action by our management.”

Ryan, 52, pleaded guilty Monday in Albany City Court to failing to report $1.7 million in income from 2004 to 2008, a statement from the New York State Department of Taxation and Finance said.

He was sentenced to a one-year conditional discharge and a fine of $5,000, the statement said. Prior to the plea, Ryan filed the delinquent returns for the five years and paid the state $57,749 in back taxes, interest and penalties, it said.

Ryan, of Batavia, had been charged with class E felony counts of failing to file personal income tax returns from 2004 to 2008, the statement said.

The delinquencies were uncovered by the Special Investigations Unit of the department’s Rochester District Office, the statement said.

“Tax cheats can be found among all professions, from blue-collar workers to high-wage earners in the professional fields,” tax department acting commissioner Jamie Woodward said in the statement.

“Regardless of how they cheat, these scofflaws force all other New Yorkers to shoulder a greater share of the tax burden, taxes that pay for essential services such as health care, education and transportation. The tax department is committed to pursuing all tax cheats so that every New Yorker pays their fair share.”
 
(c) 2009 Rochester Business Journal. To obtain permission to reprint this article, call 585-546-8303 or e-mail [email protected].
 

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