Michael Gilbert has been indicted in a federal case that includes charges of mail fraud and money laundering. He previously faced charges for filing false tax returns. Allegations suggest he misled clients associated with his businesses, M.M. Gilbert & Company Inc. and White Mountain Properties Inc., directing payments to White Mountain under false pretenses. Gilbert failed to use these funds to benefit clients tax-wise and instead diverted over $5 million for personal use. Facing a total of 22 counts, he could receive significant prison time for these offenses.
The superseding indictment against Michael Gilbert includes counts of mail fraud and money laundering, alleging he misled clients regarding payments intended for tax benefits.
Gilbert is accused of transferring over $5 million from White Mountain to himself and failing to report these payments on his individual tax returns.
The maximum prison sentence is 20 years for each count of mail fraud and 10 years for each count of money laundering.
Gilbert's alleged activities involved misleading clients to divert their payments for personal benefit rather than securing tax advantages for them.
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