A former broker waived his right to be indicted and pleaded guilty on Thursday in U.S. District Court for the District of Connecticut in Hartford to one count of filing a false tax return, according to the Justice Department, Internal Revenue Service and court documents.
Thomas Pacilio, 64, of Westport was released on $350,000 bail, pending sentencing. U.S. District Judge Sarala V. Nagala scheduled sentencing for April 6.
The offense carries a maximum prison term of three years, Vanessa Roberts Avery, U.S. attorney for the District of Connecticut, and Joleen D. Simpson, special agent in charge of IRS Criminal Investigation in New England, said in announcing the plea.
Pacilio is no longer a registered broker but is still registered as an investment advisor, according to his report on the Financial Industry Regulatory Authority's BrokerCheck website.
He worked for nine firms over the course of his 22-year career in the sector. Those companies included Lehman Brothers (1992-1993), Smith Barney (1993-1995), Merrill Lynch (1995-2006), Morgan Stanley (2006-2012) and LPL Financial (2012-2014).
According to court documents and statements made in court, in 2011, Pacilio and his partner started Clapboard Hill Advisors, a financial services business headquartered in Westport. In 2013, Pacilio created Alcamo Holding Corp., an 1120-S corporation, and transferred his Clapboard Hill partnership interest to Alcamo.
In 2014, Pacilio, via Alcamo, and his partner, through a separate 1120-S corporation, sold Clapboard Hill Advisors to McGladrey Wealth Management. Under the sale agreement, McGladrey agreed to make a lump sum payment at closing, according to the Justice Department and IRS.
