Businessman Guilty in Tax Falsifying Case
A La Palma business consultant and former executive at Guess Inc. has pleaded guilty to falsifying his income tax returns, officials said Monday.
Laurence Edelman, 65, who owned H. Prince and had been director of risk management and loss prevention for the clothing label, may face up to three years in prison and a $250,000 fine when he is sentenced in October, said Gary Tang, spokesman for the Internal Revenue Service.
Edelman owed $145,000 for failing to report all of his income -- about $421,000 -- from 1996 to 1998, Tang said.
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