Niagara Falls businessman pleads guilty to tax charge

BUFFALO, N.Y. (WIVB) — A Niagara Falls businessman pleaded guilty to a tax charge, US Attorney Trini Ross announced Friday.

67-yar-old Frank R. Parlato, Jr. had an ownership interest and/or managed One Niagara Building in Niagara Falls and had multiple vendors that leased space both inside and outside the building, catering to tourists, selling food, souvenirs and tours of Niagara Falls.

Phony Buffalo attorney gets 5 years probation and must pay thousands in restitution

The court says that Parlato was required to file IRS forms for annual cash rent he sold from vendors that were in excess of $10,000 and did not. He was charged with willful failure to file returns involving cash transactions of more than $10,000.

Parlato faces up to five years in prison and a fine of $25,000. As part of the plea, he will pay $184,939.51 to the IRS and forfeit approximately $1 million that was seized in 2015. He will be sentenced on December 7.