Manco & Manco Pizza Owners Arrested on Tax Charges in New Jersey
UPDATE [3:50 p.m.]: According to the Inquirer, Manco & Manco Pizza owners Charles and Mary Bangle have been released. They’ve been ordered to surrender their passports, and Charles must turn over an arsenal that includes “12 handguns, two shotguns and two rifles” by tomorrow afternoon.
Charles and Mary Bangle to be released. Charles ordered to give up weapons: 12 handguns, 2 shotguns, 2 rifles. Quite the stash
— Michael Boren (@borenmc) April 3, 2014
Original: On Thursday morning, Charles and Mary Bangle, owners of Manco & Manco Pizza (formerly Mack & Manco’s), were arrested at their home in Somers Point, New Jersey, on 30 counts of tax evasion and other charges.
According to the indictment filed in the case (below), the Bangles hid approximately $981,000 in income between 2007 and 2011.
The husband-and-wife team allegedly deposited skimmed cash into their TD Bank account in increments less than $10,000. (Any amount over $10,000 would trigger a report to the U.S. Treasury.)
According to court documents, Manco & Manco Pizza generated $4.5 million in annual revenue, all of it in cash and the vast majority of it between Memorial Day and Labor Day. That’s about 2 million slices of cheese pizza.
The U.S. Attorney claims that the Bangles would have owed an additional $336,000 to the IRS had they properly reported their income.
Manco & Manco has three boardwalk locations in Ocean City and one in a Somers Point shopping center. According to the indictment, the Bangles’ property is subject to forfeiture.