A Pittsburgh businessman who founded a popular chain called “Peace, Love and Little Donuts” is in big trouble with the IRS.
Ron Razette has pled guilty to cheating on his taxes and hiding his doughnut business from U.S. bankruptcy court.
He was named in a federal complaint that charged him with filing a false income tax return and concealing assets, both of which are felonies.
Razette and his wife Marci founded Peace, Love and Little Donuts in 2009. Since then, they have expanded to 20 other franchise locations in Pennsylvania, Ohio, Florida and Utah.
When the couple filed for Chapter 7 bankruptcy in 2011, they neglected to mention the existence of the company or the income it brought in.
-Our prediction? They will soon be in the “hole.”