Bad lesson: Accounting professor at Drexel University charged with allegedly using creative accounting to evade millions in taxes

Here’s a lesson in what I say, not how I do it.

A veteran accounting professor at Drexel University’s business school has been charged with tax evasion and filing false returns for allegedly using creative accounting techniques to hide income he sent abroad.

Gordian Ndubizu, 67, of Princeton Junction, NJ, is accused of inflating the cost of a pharmacy business he ran with his wife to understate its actual profits by millions of dollars, prosecutors said.

In all, Mr Ndubizu is accused of failing to report more than $3.3 million in profits made by his Trenton-based Healthcare Pharmacy company between 2014 and 2017, the report said.

He is also accused of declaring certain large transfers to be business expenses when they were in fact money transfers to an auto business he ran in Nigeria, prosecutors said.

He was charged on Thursday with four counts of tax evasion and four counts of filing false tax returns. His wife Florence was also charged on Thursday with alleged federal drug offenses but was not charged in the tax case.

A lawyer who represented them both at their first court hearing did not immediately respond with a request for comment.

Gordian Ndubizu began teaching accounting at Drexel University’s LeBow College of Business in Philadelphia in 1987, according to a discrimination lawsuit he filed against the college in 2007, the second he filed against the school. In the first case he was victorious, in the second he lost, according to court documents.

in 2012, He was awarded an Outstanding International Accounting Educator Award from the American Accounting Association.

A Drexel representative did not immediately respond to a message asking for comment.

https://www.marketwatch.com/story/bad-lesson-accounting-professor-at-drexel-university-charged-with-allegedly-using-creative-bookkeeping-to-evade-millions-in-taxes-11652389459?rss=1&siteid=rss Bad lesson: Accounting professor at Drexel University charged with allegedly using creative accounting to evade millions in taxes

Brian Lowry

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