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.

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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.

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