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$52 Million In Back Taxes Paid By Billionaire

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Dec 13, 2007 2:05 pm US/Pacific

$52 Million In Back Taxes Paid By Billionaire

Developer Could Serve Three Years For Filing False Tax Returns

SANTA ANA (AP) ―

Click to enlarge 1 of 1: Olenicoff tried to hide over $300 million in offshore accounts.
AP

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The Internal Revenue Service says a billionaire accused of stashing part of his fortune in foreign accounts pleaded guilty to filing a false tax return. He paid $52 million in back taxes after entering his plea.

Igor Olenicoff entered his plea Wednesday in federal court. He could face up to three years in prison, according to his attorney Edward m. Robbins, Jr., but it likely to serve less than six months when he is sentenced in April.

Olenicoff is a Newport Beach developer whose company, Olen Properties, owns more than 10,000 apartments and 33 residential communities, mainly in Las Vegas and Florida, along with 65 commercial and industrial properties in Orange County.

He was charged with filing a false tax return in 2002, in which he denies having any offshore accounts. He plea agreement says that between 1998 and 2004, he actually had 346 million dollars in foreign banks, mainly in the Bahamas.