|
|
14 Dec 2007
A billionaire – ranked 286th in Forbes list of the 400 richest Americans – accused of hiding millions in foreign bank accounts, has pleaded guilty to filing false tax returns and paid back more than $52m in back taxes and penalties.
Igor Olenicoff - a property magnate who owns more than 10,000 apartments and 33 residential communities in Las Vegas and Florida, as well as 65 commercial properties in Orange County - made the admissions in a federal court, after the Internal Revenue Service charged him with filing a 2002 tax statement denying he had offshore accounts.
According to his plea agreement, Olenicoff managed to keep $346m in Bahamas-based accounts, MercuryNews.com reported.
According to the IRS, Olenicoff faces up to three years in prison but is unlikely to serve less than six months when he will be sentenced in April.
'I'm pleased with the outcome,' Olienicoff told reporters after the hearing.
'I'm not happy about it,' he added.
Further reading:
You may also like
Search thousands of financial jobs:
Search thousands of financial jobs:
Careers
Search for jobs
Click to search our database of all the latest accountancy roles
Create a profile
Click to set up your profile and let the best recruiters find you
Jobs by email
Sign up to receive regular updates with the latest roles suitable for you
Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
Having a real and true view of your organisation’s current financial position, and having the right systems and processes in place, will ensure that you can make strong choices and are ready to capitalise on opportunities
AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
Visitor comments Add your comment