ROCHESTER, N.Y. (WROC) — A local business owner pleaded guilty to filing a false tax return in connection to his company's yacht. According to the US Attorney's Office, 56-year-old James Leonardo is the owner and only member of MY PI, LLC. The company owns a yacht nicknamed "Pure Insanity," which led to rental income. Leonardo was required to report net profits or losses from the business use of the company yacht on his personal federal income tax returns. From 2015 to 2018, he reported the rental income but falsely deducted all the losses by claiming he used the yacht for business purposes 100% of the time. An investigation revealed that the company's yacht was only used for business one-third of the time. Leonardo failed to report and pay income taxes worth $872,869. Leonardo pleaded guilty to filing a false tax return. The charge carries a maximum sentence of three years in prison and $250,000.