War Profiteer|Dodged Taxes

LOS ANGELES (CN) – A Huntington Beach military contractor pleaded guilty to ducking taxes on nearly $16 million in profits from work for the U.S. military at Baghdad International Airport – some of which he used to buy himself a Ferrari and a Rolls-Royce.
     Nadim “Nick” Saifan Jr., 48, pleaded guilty this week to two counts of attempted tax evasion. He was indicted on five counts in 2011.
     Saifan was owner and operator of Defense Logistical Support & Services Corporation, which provided services to the military and civilian companies in Iraq, the U.S. Attorney’s Office said in a statement.
     “From August 2004 through October 2007, DLSS received nearly $16 million from the United States military alone for services in Iraq,” but he “reported only a small fraction of this income on DLSS’s corporate tax returns filed with the IRS,” prosecutors said in the statement.
     Saifan used corporate money to make $880,000 in down payments on real estate, and spent $292,000 on payments for the Ferrari and the Rolls, according to the U.S attorney.
     Prosecutors said he owes at least $4.5 million in taxes.
     He faces up to 10 years in prison at his Aug. 18 sentencing.

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