Francis faces a maximum sentence of eight years in prison and a fine of at least $500,000 at his Feb. 4 sentencing, according to the Star-News. He is also required to pay the IRS a penalty of 50 percent of his highest balance. Cash transactions of $10,000 or more must be reported to federal authorities
Alhambra man admits to hiding $869,000 in Cayman Islands and Switzerland
The Pasadena Star-News reports that Alhambra resident Michael Francis, 50, pleaded guilty in Los Angeles federal court to not disclosing funds on his income taxes and failing to disclose $896,000 in foreign bank accounts.