Overview

• A federal grand jury in San Francisco returned the superseding indictment on July 23, expanding charges against Michael M. Gilbert
• The new indictment adds seven mail fraud counts and four money laundering counts to the earlier 11 false-return charges filed for 2017 through 2020
• Prosecutors allege that from 2017 to 2020 Gilbert underreported revenue at M. M. Gilbert & Company Inc. and directed clients to pay for purported “tax strategies” and “donations” to White Mountain Properties Inc. without reporting the income
• Between 2020 and 2021 he transferred more than $5 million from White Mountain Properties Inc. to himself and omitted those funds from his individual tax returns
• Convictions carry maximum penalties of 20 years per mail fraud count, 10 years per money laundering count and three years per false-return count; the DOJ Tax Division and U.S. Attorney’s Office in the Northern District of California are prosecuting the case with IRS Criminal Investigation support