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New York State Department of Taxation and Finance Commissioner Robert L. Megna today announced that a former Wall Street stockbroker who pled guilty to a variety of securities fraud, grand larceny and tax evasion charges was sentenced recently to three-to-nine years in prison.
Robert Shoblock, 44, of 625 Lake Avenue in Oradell, New Jersey, admitted that between August 1998 and August 2006, while employed as a stockbroker at a series of Wall Street firms, he participated in firm-wide schemes to manipulate stock prices and conceal commissions.
Shoblock also acknowledged underreporting his New York personal income taxes from 2002 through 2005. He pled guilty to filing a false New York State tax return, a felony. He owes back taxes of approximately $31,900.
On the securities fraud charges, Shoblock pled guilty to felony enterprise corruption, grand larceny and perjury, and is barred from working in the financial services industry.
Commissioner Megna said, "Our investigation determined that Mr. Shoblock was receiving commission income and periodic bonuses from his employers that were not reported as income. Tax cheats should know that our department aggressively pursues those who violate state tax laws and conceal income that would otherwise support essential state services such as education and transportation. We are pleased to work with prosecutors in the Manhattan District Attorney's to bring this person to justice."
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Last Modified: October 09, 2008
