Former Yonkers state senator Nicholas Spano plead guilty to tax fraud today in federal district court. Spano was charged with fraudulently deducting $180,000 in non-existing rental expenses, as well as failing to report $45,000 in income received from the sale of a building in White Plains.
“Former Senator Nicholas Spano is the latest in a regrettably long line of lawmakers turned lawbreakers," US Attorney Preet Bharara said in a statement. "When elected officials put padding their pockets above the law, they tarnish our government and undermine people’s faith in their public servants. We will not tolerate this conduct and will continue to aggressively prosecute those who engage in it.”
Spano faces a maximum sentence of three years in prison and a fine of $250,000 or twice the gross gain or loss derived from the crime, whichever is more. He's scheduled to be sentenced in federal court on June 11.