Summary

On June 20, Samuel Yakobowicz, owner of Twenty-Four Hour Fuel Corporation pled guilty in U.S. District Court in Brooklyn, NY to filing a false excise tax return in order to evade $784,000 in Federal excise taxes. Yakobowicz had been convicted in connection with this scheme in September 2003, but the conviction was overturned on appeal in October 2005. Under the plea agreement Yakobowicz was sentenced to the 22 months he had already served. The investigation was conducted jointly with the IRS, which has recently initiated civil proceedings for return of the $784,000 in taxes, plus penalties and interest.