Ex-tax collector sentenced for not reporting $3.7M in income

NEWARK, N.J. – An accountant who was once a city tax collector has been sentenced for failing to report $3.7 million in income.

Louis Picardo, 64, of Hoboken, was sentenced Tuesday to a year and a day in federal prison and must also pay $914,908 in restitution. He will have to serve two years of supervised release once he’s freed from prison. The sentence was made public Wednesday

Picardo had pleaded guilty to four counts of income tax evasion for failing to report $3.7 million he earned between 2012 and 2015. The income came from his Hoboken-based accounting firm and various rental properties he owned.

Picardo served as Hoboken’s tax collector from 1973 to 2008. He later became a partner in Cannarozzi & Picardo accounting firm and managed both commercial and residential properties in Hudson County.

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This story has been updated to correct the spelling of the man’s name in one instance. It is Picardo, not Pricardo.