Palatine appraiser pleads guilty to tax evasion

A 59-year-old Palatine man pleaded guilty in federal court Wednesday to evading more than $550,000 in taxes by hiding income in the bank account of a defunct real estate appraisal company he once owned.

William Daddono faces up to three years in prison at his June 10 sentencing, prosecutors said.

Daddono is the owner of a Schaumburg-based appraisal service, but used bank accounts at his former company to hide roughly $1.92 million in income he received at his current job from 2005 to 2010, authorities said.

Daddono was accused of instructing employees of his current venture to record checks issued to his former enterprise as "corporate expenses." Prosecutors said Daddono then withdrew funds issued to the defunct business and used them for personal gain. Prosecutors said Daddono was the only person with access to the bank accounts of the defunct business.

Daddono could also be fined more than $1 million when sentenced in June, according to court papers.