Dominick Pannitti, formally of North Bellmore, was recently indicted with tax crimes, according to a report on eNews Park Forest.
Pannitti was head of operations at a securities brokerage firm in Syosset that had an automated system designed to adjust customers’ trading accounts for amounts less than $1,000.
During 2005 and 2006, Pannitti allegedly used the automated system to credit his own trading accounts hundreds of times in increments less than $1,000 which totaled more than $570,000, according to the report.
Pannitti failed to report the income on his tax returns, the report said.
He faces a maximum sentence of eight years in prison and a fine of up to $500,000.