BUSINESS BRIEFING
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.
