A Quincy man pleaded guilty this week to hiding $10 million in corporate income from a temporary employee business he owned, and is now facing up to 20 months in federal prison, records show.
Su Nguyen, 60, appeared before US. Senior District Court Judge William G. Young on Monday and pleaded guilty to aiding and assisting the filing of false tax returns, according to federal prosecutors.
Young scheduled sentencing for Sept. 5, 2024. According to papers filed in US District Court, under a plea agreement, prosecutors will ask Young to imprison Nguyen for 20 months.
According to acting US Attorney Joshua Levy’s office, Nguyen owned and operated a temporary employment company called General Employment Services between 2016 and 2020.
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During those four years, clients paid Nguyen by check which he cashed at a Worcester cash checking firm, but never reported the full amount of income to the Internal Revenue Service in his corporate books, according to prosecutors. Nguyen then paid himself and employees in cash, prosecutors said.
Nguyen owes the Internal Revenue Service an estimated $2 million, but under the plea agreement the dollar amount he will be fined will be set by the judge at sentencing, records show.
John R. Ellement can be reached at john.ellement@globe.com. Follow him @JREbosglobe.