James LoCastro has pleaded guilty to a 2 count criminal information (available here) charging him with failing to file a tax return and concealing gambling income during his 1999 chapter 13 bankruptcy case in the Northern District of New York. According to the plea agreement in the case (available here), LoCastro did not disclose the existence of two bank accounts into which he deposited and withdrew nearly $200,000 from October, 2000 through June, 2003. LoCastro also failed to file tax returns for the years 1999-2002, during which time his gross income from business and gambling totaled nearly $1 millon. The parties agreed, however, that the tax loss for which the defendant was accountable is $53,654.
In exchange for the guilty plea, the plea agreement contemplates that LoCastro will receive a 3 level reduction to his offense level for acceptance of responsbility. He is scheduled to be sentenced on August 10.