Family who owns Peabody restaurant avoid prison time for tax evasion

PEABODY, Mass. (AP) — Three members of the family that owned a Massachusetts restaurant convicted in a $3 million tax evasion scheme have avoided prison.

A federal judge Wednesday ordered William and Theodora Panousos, and their son, Konstantinos Panousos, not to leave the city of Peabody for 18 months. They were also ordered to make full restitution for unpaid taxes, and pay a $150,000 fine.

They all pleaded guilty in November to conspiracy and aiding in the filing of false tax returns. Prosecutors say the family engaged in a scheme to skim off revenue from Giovanni’s Roast Beef and Pizza, thus avoiding taxes.

Some of the money was kept by the family, while other unreported income was used to pay cash to suppliers.

Loading ...