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House arrest for man who made $787,000 but reported $92,000 to IRS

Photo Credit: Cliffview Pilot

ONLY ON CLIFFVIEW PILOT: Stephen Chiolis of Washington Township won’t be going to federal prison for telling the government he made barely $93,000 over two years when it was closer to $787,000, but he will spend eight months in home detention and three years on probation.

Chiolis, who was sentenced Monday in federal court in Newark, also must make restitution to the IRS, which put taxpayer losses in the hundreds of thousands. U.S. District Judge Jose Linares also ordered him to undergo alcohol testing and treatment.

Chiolis, 55, pleaded guilty to the charges in April 2010, admitting that he intentionally underreported income for 2004 and 2005 from both a real estate appraisal company known as All American Abstract Incorporated, in which he was a shareholder, and mortgage broker All American Funding Services, owned by an associate.

Records show Chiolis invested $30,000 to help launch AAAI with two partners in 2003. His duties included soliciting mortgages, telemarking, networking, reviewing titles and mortgage closings. He also approved and directed the distribution of partnership distributions to himself and his partners.

In 2004, his cut was $127,500 — but he didn’t report it to the IRS, the government said.  It was $111,450 a year later, with the same result, Chiolis admitted.

Also in 2003, Chiolis began selling title work to an unnamed co-conspirator who was a principal shareholder with another firm, All American Funding Services Inc., of Brick Township, which processed high-risk or sub-prime loans. Chiolis received an even split on the proceeds, with the payments laundered through checks made out to an intermediary, a complaint on file with the U.S. District Court in Newark says.

The scam netted Chiolis $271,000 in 2004 and $277,000 the following year — neither or which he reported on his tax returns, the government said.

Yet records show that Chiolis reported less than $50,000 in income for 2004 and $42,207 of taxable income for 2005, the complaint says.




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