Ex-tax collector sentenced for not reporting $3.7M in income

NEWARK, N.J. (AP) — An accountant who was once a city tax collector has been sentenced for failing to report $3.7 million in income. Louis Picardo was sentenced Tuesday to a year and a day in federal prison and must also pay $914,908 in restitution. He will have to serve two years of supervised release once he’s freed from prison. The 64-year-old Hoboken man had pleaded guilty to four counts of income tax evasion for failing to report the $3.7 million he earned between 2012 and 2015 from his Hoboken-based accounting firm and various rental properties. Picardo served as Hoboken’s tax collector from 1973 to 2008.