Are both Alderman Patrick Daley Thompson and his wife, Kathleen Thompson, facing tax fraud charges?Patrick Daley Thompson is an alderman in Chicago’s 11th Ward.
Recently, a jury convicted him of guilt on accusations that he lied to federal regulators and cheated on his tax returns for five years.
He was accused of lying to federal officials about possessing $110,000 from a Bridgeport bank loan.
According to the authorities, the entire amount he borrowed was $219,000 in total.
Thompson improperly claimed mortgage interest deductions for interest paid to Washinton Federal on his tax returns from 2013 through 2017, prosecutors told jurors.
The Internal Revenue Service is charged $15,589.
Moreover, Thompson allegedly lied about his debt to a Planet Home Lending customer support representative and two FDIC contractors in early 2018.
Trial: Patrick Daley Thompson And Wife Kathleen Thompson Tax Fraud
Patrick Daley Thompson was the first sitting alderman in more than two decades to face federal charges.
He is also the first member of his illustrious political family to face charges.
Thompson’s trial lasted about three and a half days, with a jury of four men and eight women hearing testimony.
The majority of the evidence came from government witnesses.
Interestingly, the trial began nine months after Thompson was charged with two counts of lying to regulators and five counts of filing fraudulent federal income tax returns by the federal government.
Thompson was found guilty on all seven counts by the jury.
Were Both Patrick Daley Thompson and His Wife Charged?
No, only Alderman Patrick Daly Thompson was charged with seven counts of submitting fake tax returns and then lying about it in connection with $219,000 in loans from a now-defunct Bridgeport bank.
His wife Kathleen, their oldest daughter Courtney, Peter Thompson, and his in-laws have been present every day of the trial on the 25th floor of the Dirksen Federal Courthouse.
Furthermore, Thompson’s sentencing is scheduled for July 6th at 10:00 a.m.
Patrick Daley Thompson Net Worth
Patrick Daley Thompson has a net worth of over a million dollars.
So far, his earnings and profits have remained unclear.
In November 2011, Thompson received a $110,000 loan from Washington Federal.
According to Thompson’s indictment, it was followed by subsequent payments of $20,000 in March 2013 and $89,000 in January 2014.
Per the feds, he made one for $389.58 in February 2012 but did not pay interest.