A Malibu man accused of trying to avoid paying taxes has agreed to plead guilty to failing to report more than $1 million he transferred to a Swiss bank account, according to court documents filed Friday.
John McCarthy will plead guilty to one count of failing to file a Foreign Bank and Financial Accounts report. He is expected to appear in court Sept. 14 and faces up to five years in prison and fines totaling $250,000.
McCarthy is the first person to be named publicly after the Swiss and U.S. governments reached a deal Wednesday to settle American demands for the identities of suspected tax dodgers. The Internal Revenue Service is seeking more than 52,000 names from Zurich-based UBS, but both governments wouldn’t say how many names will be revealed. McCarthy funneled the money to a UBS account with the help of a Swiss lawyer and bank officials between 2003 and 2008, court documents said.
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