Breaking News Bar
updated: 9/25/2012 4:37 PM

Owners of Naperville company accused of skipping taxes

hello
Success - Article sent! close
 
Daily Herald report

The owners of a Naperville-based company are charged with underreporting their income and failing to pay federal income taxes on more than $22 million they diverted from the corporation.

Michael H. Martorano, 65, formerly of Naperville and now living in Florida, and William S. Sefton, 61, formerly of the Chicago area and now living in Nevada, were charged with filing false income tax returns Tuesday in federal court.

Prosecutors said the men operated a business called Consumer Benefit Service Inc. that provided "a variety of membership and consumer discount programs" and transferred funds from that operation into bank accounts in the name of a consulting company they controlled over the course of four years.

Prosecutors said both men used these funds for personal expenses, but did not report the income on tax returns.

The two are facing a maximum of three years each in prison if convicted.

Martorano and Sefton did not return calls seeking comment.

Share this page
Comments ()
Guidelines: Keep it civil and on topic; no profanity, vulgarity, slurs or personal attacks. People who harass others or joke about tragedies will be blocked. If a comment violates these standards or our terms of service, click the X in the upper right corner of the comment box. To find our more, read our FAQ.