A Richmond Hill, Ontario man was sentenced late last week to three years in jail on one count of fraud under the Criminal Code of Canada and to 12-months in jail on a second count of fraud under the Criminal Code, to be served concurrently. A jury found George Nkoke Nnane guilty of the charges in October 2019.
The CEO of Golden Capital Management Inc. was convicted after a Canada Revenue Agency investigation revealed that he prepared individual tax returns for clients with false charitable donation credits and fictitious business and rental losses.
All told, the claims enabled Nnane’s clients to evade almost $2-million in federal taxes between 2009 and 2013, inclusive. Nnane’s firm also failed to report net income totaling $503,138 for those tax years and failed to remit goods and services tax/harmonized sales tax totaling $52,701 for the quarterly filing periods from 2009 to 2013, inclusive.
