Rapid City surgeon convicted for tax evasion - KOTA Territory News

Rapid City surgeon convicted for tax evasion

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A Rapid City Surgeon has been Convicted of Tax Evasion and Failure to Report Foreign Accounts.

Edward Picardi, 55, was found guilty on Friday of 13 separate counts.

Picardi's convictions include five counts of tax evasion for years 1999 through 2003, which carries a maximum penalty of five years in prison per count, a $250,000 fine, or both.  He was convicted of five counts of making false statements on each of his tax returns for years 2004 through 2008, all related to his failure to disclose various offshore accounts. Those convictions carry a maximum penalty of three years in prison per count, a $250,000 fine, or both. 

The verdict followed a federal jury trial that included evidence that Picardi sent his earnings through a complicated offshore network. The money was ultimately deposited into various foreign accounts in an attempt to hide his income and evade over one million dollars in taxes.

"Most people pay their fair share of taxes. Doctor Picardi chose not to, sending millions of dollars of his income out the country and filtering the money through a series of offshore accounts. The jury saw the effort for what it was and voted to convict him of all 13 counts listed in the indictment. Those who try to evade taxes through self-serving and unlawful offshore account schemes, like this one, risk federal prosecution and the consequences of conviction," said U.S. Attorney Brendan Johnson.

Picardi faces up to 55 years in prison and more than three million dollars fines.  He was released on bond pending sentencing.

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