Elderly Florida Man Says He Hid Over $1M From IRS

NEW YORK (CBSMiami/AP) — An 83-year old Florida man plead guilty to federal charges for conspiring to stash more than $ 1 million from the Internal Revenue Service.

Bernard Kramer of Delray Beach, Florida entered the plea Tuesday in federal court in Manhattan. He admitted that he filed false tax returns with the IRS from 1987 through 2012. Prosecutors said he stored the money in private banks in Zurich, Switzerland and at an Israeli bank headquartered in Ramat Gan, Israel.

Although the charges carry a maximum potential penalty of eight years in prison, prosecutors say Kramer is cooperating with the government. They said he will pay a penalty of $588,000 along with back taxes.

Sentencing was set for Feb. 6th.

(TM and © Copyright 2014 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2014 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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