- Associated Press - Monday, June 20, 2016

PITTSBURGH (AP) - The founder of a doughnut shop chain based in Pittsburgh pleaded guilty to federal charges of underreporting his income in 2010 and then hiding the business from bankruptcy proceedings a year later.

Fifty-five-year-old Ronald Razete agreed as part of Monday’s plea in federal court to repay more than $40,000 to the IRS. The founder of Peace, Love and Little Donuts faces a maximum sentence of eight years in prison when he’s sentenced on Oct. 25.

Prosecutors said Razete reported his gross income for 2010 as just a little over $16,000, when in reality his gross income from the doughnut chain was more than $194,000. Authorities said Razete also failed to report any property or income connected to the business after filing for bankruptcy.

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