Peter Joseph Riley
- Occupation: Real Estate Broker
- Date of Birth: 26 December 1978
- Spouse: Emily Compagno
- Net Worth: $500,000 (Est.)
- Annual Income: $110,000 (Est.)
- Height: 6′ 0″ (185 cm)
- Ethnicity: Irish-American
Peter Riley: Bankruptcy and Foreclosure
- Major Loss: Lost his $1.2 million Los Angeles home in a foreclosure after filing for bankruptcy. He had previously attempted to sell it for $900,000.
- Income vs. Expenses: Struggles with a significant financial gap, earning $2,800/month against expenses of $16,200/month.
- Other Liabilities: Faced additional financial pressure from unpaid taxes.
Emily Compagno’s Husband: Investment Losses and Debt
- Investment Setback: Reportedly lost an estimated $4 million due to unsuccessful stock investments in the technology and biotech sectors.
-
Accumulated Debts: Carries significant debt from various financial institutions.
- $1.2 Million: Investment loan from Wells Fargo.
- $750,000: Emergency credit line from Citibank.
- $500,000: Personal loan from JPMorgan Chase.
- $1.5 Million: Mortgage on a separate property from Bank of America.
Who is Emily Compagno’s Husband?
Fox News host Emily Compagno’s husband, Peter Riley, is facing major money problems. A federal judge in New Jersey has ordered Mr. Riley to pay a substantial sum of $704,000 in back taxes, along with an additional $1,080,000 as a penalty.
This legal action follows a prolonged period of non-response to authorities regarding an initial unpaid income tax bill of $368,000 spanning the tax years 2016 to 2022.
The Eastern District of Pennsylvania ultimately ruled in favor of the government due to Mr. Riley’s failure to engage with the Department of Justice (DOJ) or appear in court.
Potential legal options
- Filing a motion to set aside the default judgment under Rule 60(b), requiring a valid reason for non-response.
- Negotiating with the IRS for an installment agreement or Offer in Compromise, given reported financial distress.
- Considering Chapter 7 or Chapter 13 bankruptcy, though 2022 tax debt and potential fraud penalties may not be dischargeable.
Federal Tax Penalties for Peter Riley
| Penalty Type & Trigger | Penalty Rate |
|---|---|
| Failure to Pay — Not paying taxes on time | 0.5% per month (up to 25%) |
| Failure to File — Not filing taxes on time | 5% per month (up to 25%) |
| Civil Fraud — Underpayment of tax with fraudulent intent | 75% of the underpayment due to fraud |
Emily Compagno’s husband Peter Riley ignored DOJ inquiries for over a year regarding the $368,000 tax bill, escalating the debt with penalties and interest.
As the spouse of a public figure, Riley’s tax issues, widely reported in the media, may harm his and Emily Compagno’s public image, potentially affecting professional opportunities.
Lawyer’s Advice
Under Rule 60(b), Riley could file a motion to vacate the judgment, but he must demonstrate a valid reason for his non-response (e.g., improper service or excusable neglect). Ignoring notices is unlikely to qualify, and the motion must be filed within a reasonable time, typically within one year.
Given reported financial distress and near-bankruptcy, Riley may qualify for an OIC to settle the debt for less than owed, if he proves inability to pay the full amount.
Bankruptcy Considerations:
- Chapter 7: May discharge 2016 and 2017 tax debts if they are over three years old, filed two years before bankruptcy, assessed 240 days prior, and not fraudulent. The 2022 debt and potential fraud penalties are likely non-dischargeable.
- Chapter 13: Allows a 3–5-year repayment plan for non-dischargeable debts, including recent tax debts, suitable for managing Riley’s obligations if he has regular income.
- Eligibility: Peter Riley must have filed all required tax returns for the past four years and remain current on taxes during bankruptcy proceedings. He can also use his wife Emily Compagno as a guarantor.
Peter Riley should pursue an installment agreement, OIC, or CNC status to manage the debt, leveraging reported financial hardship.
He must also assess Chapter 7 for potential discharge of older tax debts or Chapter 13 for a structured repayment plan, ensuring compliance with filing requirements.
Moving forward, Riley must prioritize timely tax filings and payments, using professional assistance to avoid further issues.
