LOS ANGELES - A Tarzana man pleaded not guilty Monday to five counts of filing fraudulent state income tax returns, the state's Franchise Tax Board announced.Nicholas Francisco, 59, was arrested last week by FTB special agents. As the owner of a check-cashing business he allegedly failed to report more than $3.5 million in income on his 2003-2007 state income tax returns. Francisco owes the state more than $735,000 in unpaid tax, interest and penalties. The cost of the investigation will be added to the amount and sought as restitution. FTB officials said Francisco faces a maximum of three years in state prison on each tax count.
********** Published: July 15, 2010 - Volume 9 - Issue 13