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Guilty plea in Swiss bank case

October 21, 2009|Times Wire Reports

A Malibu businessman who hid some of his wealth in an overseas account with Swiss banking giant UBS pleaded guilty to a felony charge of failing to disclose a foreign account to the IRS.

John McCarthy admitted that he transferred more than $1 million to UBS in 2003 and failed to report it to the Internal Revenue Service, evading more than $200,000 in federal income tax.

U.S. District Judge Florence-Marie Cooper in Los Angeles is scheduled to sentence him Jan. 28. He faces a maximum punishment of five years in prison and a $250,000 fine.

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