Monday, March 16, 2009

Dude, You Can't Trust a Teen-aged CFO!

18-year-old restaurant CFO indicted

At least 5 reasions NOT to name your teenage son the Chief Financial Officer of your company. (Found in the Nashville Business Journal)

1. His experience for the position may be light
2. His knowledge of accounting standards and practices may be skimpy
3. He might go over the credit limit
4. Name confusion could result.
5. His mug shot will look like a bad high school year book photo

Michael G. Tangredi, the 18-year-old chief financial officer for M. Tangredi Restaurants. has been indicted on charges of tax evasion and forgery.

A Davidson County grand jury indicted Tangredi on charges of trying to defraud the state of Tennessee by presenting a forged check to the Department of Revenue, claiming he had already paid sales tax when he had not, according to a release from the department. The indictment comes after an investigation by the revenue department’s special investigations section.

If convicted, Tangredi could be sentenced to a maximum of four years in the state penitentiary and fined $5,000 for the Class D felony.

M. Tangredi’s Restaurants filed for Chapter 7 bankruptcy earlier this month.

The restaurant company, owned by Tangredi’s father, Michael D. Tangredi, included Tangredi’s Italian Kitchen, Michael T’s and T’s Tuscan Bar and Grill — all of which are closed and set to be liquidated.

According to documents filed in U.S. Bankruptcy Court, the company has assets of $63,600 and liabilities of $77,000, and owes about $35,000 in state taxes.

Last year, American Express sued M. Tangredi’s over some $1.1 million in credit card charges the credit company says were not valid.

M. Tangredi’s Restaurants had filed for Chapter 11 bankruptcy in February.
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