DETROIT — The owner of BT’s Lounge Thursday admitted in federal court to cooking the books at his strip club so he didn’t have to pay as much in taxes.
Nicholas J. Faranso, of Farmington Hills, faces up to five years in prison after the plea, which was to one count of conspiracy to defraud the United States government. Sentencing is July 14.
Court filings in the case show Faranso bought a computer program that skewed the total sales figures reported at BT’s and at Faranso’s other club, Tycoon’s in Detroit.
The program enabled Faranso to underreport by at least $500,000 the gross receipts taken in by the clubs between 2001-2004, court papers said.
The man who sold Faranso the program and maintained it once it was installed, Theodore Kramer, pleaded guilty to one count of conspiracy in December.
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Article source: http://www.pressandguide.com/articles/2011/01/14//news/doc4d30bec906934584650786.txt
Category: Prison Time