CHICAGO — A suburban bookmaker was sentenced to two and a half years in federal prison Wednesday on gambling and tax charges.
Gregory Paloian, 66, conducted an illegal sports bookmaking business in Chicago, Melrose Park and Elmwood Park.
From 2012 to 2018, he caused an accountant to file false tax returns that Paloian knew substantially understated his income, including income derived from the operation of his gambling business. The conduct caused a total loss to the IRS of $172,458 and the Illinois Department of Revenue of $25,238.
Paloian pleaded guilty earlier this year to one count of conducting an illegal gambling business and one count of filing a false tax return. On Wednesday, he was sentenced to 30 months in federal prison.
Authorities believe the Paloian and his other bookmakers generated hundreds of thousands of dollars in revenue.