Former investment advisor from Connecticut  has been sentenced to six months in prison for tax evasion after failing to report nearly $1.5 million in proceeds from the sale of his firm, Clapboard Hill Advisors.

U.S. District Judge Sarala V. Nagala sentenced Thomas Pacilio, 64, of Westport, Conn., to six months in prison followed by one year of supervised release on April 13. He pleaded guilty to one count of filing a false tax return in January.

Pacilio also admitted that he filed individual income tax returns for 2015 through 2018 tax years that omitted installment payments related to the sale of Clapboard Hill Advisors.

In total, the former advisor admitted to omitting about $1,476,425 in payments that should have been reported either as ordinary income or as capital gains, which resulted in a tax loss of $286,328 to the IRS, U.S. State Attorney for the District of Connecticut Vanessa Roberts Avery said in a statement.

Nagala also ordered Pacilio to pay a $50,000 fine.

Pacilio and his partner started Clapboard Hill Advisors LLC, a financial services business headquartered in Westport, in 2011. In 2013, Pacilio transferred his Clapboard Hill Advisors partnership to a holding company he created called Alcamo Holding Corporation Inc., according to court documents and statements.

In 2014, Pacilio, through Alcamo, and his partner, through a separate S corporation, sold Clapboard Hill Advisors to McGladrey Wealth Management LLC.

Under the sale agreement, McGladrey agreed to make a lump sum payment when the sale closed, at which point Pacilio became an employee of McGladrey for three years subject to a non-compete clause.

On January 5, 2023, Pacilio pleaded guilty to one count of filing a false tax return and admitted that, for the 2015 through 2018 tax years, he filed individual income tax returns that omitted installment payments totalling nearly $1.5 million related to the sale of Clapboard Hill Advisors.

Pacilio has now paid the taxes he owed, the IRS said in a statement.

Currently free on a $350,000 bond, the former advisor is required to report to prison on June 12.