On Tuesday, it was announced that a federal grand jury in Providence, Rhode Island had returned an indictment against a West Warwick, Rhode Island tax return preparer. Raymond P. Petrarca has been charged with 44 counts of filing fraudulent tax returns for his clients. The defendant owned and operated Stratus Financial Group, which prepared tax returns in Warwick.
It is alleged that Petrarca falsified tax returns for tax years 2010 through 2015. The defendant allegedly sought refunds from the Internal Revenue Service when they were not actually entitled to them. Petrarca is accused of using false and inflated deductions for charitable donations, home mortgage interest and credits for home energy improvements to acquire more for his clients.
If Petrarca is ultimately convicted, he will face a maximum sentence of three years in prison for each count. He will also face a period of supervised release, monetary penalties and restitution. At this point in time, the defendant remains innocent until proven guilty beyond a reasonable doubt in a court of law.