Drexel accounting professor indicted for $1.2 million tax evasion


Drexel accounting professor indicted for $1.2 million tax evasion

The Drexel University professor allegedly stashed money in Nigerian bank accounts

A federal grand jury indicted a Drexel University accounting professor on charges that he underreported over $3 million in business income, leading to unpaid taxes of over $1.2 million.

“Gordian A. Ndubizu [pictured], 67, of Princeton Junction, New Jersey, is charged in an eight-count indictment unsealed today with four counts of tax evasion and four counts of filing false tax returns in tax years 2014 through 2017,” the Department of Justice announced Thursday.

The DOJ stated:

Ndubizu prepared fraudulent books and records for Healthcare Pharmacy inflating the pharmacy’s costs of goods sold to reduce and underreport the pharmacy’s actual profits flowing through to Ndubizu and his wife. Ndubizu identified certain wire transfers as payments to purchase goods sold by the pharmacy when these wire transfers were in fact made to personal bank accounts under Ndubizu’s control and to bank accounts in Nigeria associated with an automotive company under Ndubizu’s control.

“Each of Ndubizu’s tax returns for tax years 2014 through 2017 falsely underreported his income and falsely reported that he had no financial interest in or signature authority over any foreign bank accounts,” the federal government alleged. “Ndubizu failed to report approximately $3.3 million in income from the pharmacy, resulting in the evasion of approximately $1.3 million in tax due and owing.”

Florence Ndubizu, the professor’s wife, also faces federal charges related to the pharmacy business. The DOJ announced separately that she has been accused of “distributing and dispensing…large quantities of oxycodone and other controlled substances from a pharmacy.”

The Drexel professor has three accounting degrees and won the “Outstanding International Accounting Educator Award” from the American Accounting Association.

“He is one of the pioneers and leaders that introduced empirical research technology to international accounting studies,” the association stated in 2012. “These contributions make Dr. Ndubizu an exemplary international accounting educator.”

MORE: Psychology professor charged with deadly cat mutilation

IMAGE: Drexel University

Like The College Fix on Facebook / Follow us on Twitter

More Articles from The College Fix


Source link

Next Post

The Perfect Sales Discovery Call

[ad_1] May 16, 2022·7 min read Your first sales discovery call can be intimidating. We’ve put together an easy step-by-step guide on how to run the perfect sales call to help you connect with prospects. The discovery call is one of the most crucial parts of selling. As the seller, […]

You May Like