Owner of N.Y. Security Firm Stole from Employees, Evaded Taxes
Toyin Sobanke falsified invoices, payroll certificates and daily sign out logs to steal money.
The owner of a security firm in New York will pay back the money he stole from his employees and a school construction authority after pleading guilty to charges September 16.
Toyin Sobanke, 54, will pay $45,368.14 in restitution to the New York City School Construction Authority (NYCSCA) and $500,000 in taxes and penalties after the guilty plea, according to the NY Daily News.
Sobanke’s company, Tiger Security Group Inc., was contracted with the NYCSCA to provide school security at construction sites in Brooklyn for four years beginning in January of 2009.
During that time the NYSCA paid Tiger Security over $10 million, but Sobanke underreported his gross income, underpaid his employees and didn’t file taxes in 2012.
Under the company’s contract with NYCSCA, Sobanke was supposed to pay his employees $17.41 an hour and $23.84 an hour for overtime. In reality, Sobanke paid his employees less than half that and pocketed the money himself. To accomplish this Sobanke falsified invoices, payroll certificates and daily sign out logs.
The city’s Department of Finance will receive Sobanke’s tax penalty.
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