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Mobtown Beat

Sachs’ Charge Dismissed

Baltimore financier claimed paperwork issues prevented him from filing IRS forms

Stewart Dennis Sachs, the 61-year-old Baltimore financier and community leader who was charged March 18 with failing to file IRS forms regarding loan repayments he received in cash from a drug dealer (“Dirty Laundry?” Mobtown Beat, March 27), is no longer a criminal defendant.

Maryland Assistant U.S. Attorney Richard Kay on March 29 filed a motion to dismiss the charge and withdraw the warrant for Sachs’ arrest, and U.S. Magistrate Judge Stephanie Gallagher signed the accompanying order the same day.

The Maryland U.S. Attorney’s Office declined to comment, and Kay’s motion sheds no light on the reason for dismissing the charge, which involves the failure to file a Form 8300, carries a maximum penalty of five years in prison and a $250,000 fine, and is characterized by the IRS as a money-laundering violation.

Sachs’ attorney, Andrew Alperstein, previously told City Paper that Sachs is “working with the government to resolve the issues, and we’re confident that it will work out fine.” With his client now in the clear, Alpertstein says “Mr. Sachs is certainly pleased that the charge is dismissed. He maintained it was a paperwork issue, and it is now resolved.”

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