A federal judge has shut down a Montebello tax preparation business after the owner admitted costing the government $8 million by deliberately inflating home mortgage interest deductions on clients' tax returns, authorities said Friday.
Mario Placencia, who lives in Alhambra, agreed not to oppose the court order putting him out of business, authorities said. He was charged with falsifying returns for 61 people through his Montebello business, MP Accounting, from 2003 to 2009.
Placencia pleaded guilty to three criminal counts in July.
U.S. District Judge Dale S. Fischer in Los Angeles handed down the closure order earlier this week.
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-- Gale Holland
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