OCEAN CITY, N.J. (WPVI) -- The owners of popular Ocean City, New Jersey, pizza chain Manco & Manco have admitted to tax evasion, U.S. Attorney Paul J. Fishman announced Thursday.
Charles Bangle, 55, of Somers Point, NJ, pleaded guilty in federal court of evading taxes and structuring financial transactions in 2011 to avoid reporting requirements.
According to the indictment, by only reporting $127,955 in 2010 and omitting an additional $263,113 in taxable income, Charles Bangle avoided $91,577 in taxes.
Bangle also admitted to making cash deposits into his TD Bank account in February of 2011 in increments of less than $10,000 in order to prevent TD Bank from filing a Currency Transaction Report with the U.S. Department of Treasury.
Bangle's wife Mary, 54, pleaded guilty to knowingly making materially false statements to IRS special agents.
Manco & Manco Pizza - formerly Mack & Manco - has three stores on Ocean City's Boardwalk and one in Somers Point.
Officials say Charles and Mary Bangle were employees of Mack & Manco Pizza until they purchased a controlling interest in 2011.
Charles Bangle handled the day-to-day operations of the business and Mary Bangle was responsible for handling cash and payroll.
The tax evasion count to which Charles Bangle pleaded guilty carries a maximum potential penalty of five years in prison and a $250,000 fine. The structuring count carries a maximum potential penalty of ten years in prison and a $250,000 fine.
The false statements charge to which Mary Bangle pleaded guilty carries a maximum potential penalty of five years in prison and a $250,000 fine.
Sentencing for both is scheduled for October 8, 2015.