Created on Thursday, 15 December 2011 09:14
A Former Montgomery County elected official has admitted evading federal income taxes. 39-year-old former Limerick Township Supervisor David Kane pleaded guilty to tax evasion, fraud and other offenses as his trial was about to start earlier this week in federal court in Philadelphia. He and former Skippack Township Supervisor Mark Marino were partners in Kane Core Incorporated, a real estate development firm. A federal indictment says they used corporate funds to pay their personal expenses including housekeepers, a strip club, sports tickets and vacations, and did not report the payments to the Internal Revenue Service. He also had other unreported income. Kane’s tax liability is estimated at between $400,000 and $1 million and, as part of a plea deal, prosecution and defense lawyers will try to work out an agreement on how much he owes the IRS. If they cannot reach an agreement, a judge will decide the tax liability.