Federal prosecutors have charged the president of a nationwide tax preparation service with committing a series of electronic frauds that bilked two banks of over $1 million.

Richard M. Hersch, president of Quik Tax Dollars Inc., a tax preparation service based in Bryn Mawr, Pa., was arraigned this week on charges of filing false claims, conspiracy, and money laundering.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.