An Irvine man has agreed to plead guilty to tax evasion for failing to report interest income from his bank accounts in Hong Kong and Singapore, federal prosecutors announced Tuesday.
Jean Guy Minn, 56, a South Korean national who lives in Irvine as a legal permanent resident, was charged Monday with one count of tax evasion, according to the U.S. Attorney’s Office.
Minn allegedly filed a tax return in 2016 that failed to report $552,454 in interest income from a foreign bank account, so he failed to pay $162,369 in federal income tax that year, prosecutors said.
Prosecutors also filed a plea agreement Monday in which the defendant has admitted he failed to report a total of $2,365,427 in interest income from 2010 through 2017. He has agreed to pay $573,916 in back taxes for those years and a still-to-be-determined amount of penalties, prosecutors said.
Minn has agreed to pay a 50% penalty on one foreign bank account that holds about $18 million, prosecutors said.
His initial court appearance in federal court in Santa Ana is scheduled for April 26.
>> Want to read more stories like this? Get our Free Daily Newsletters Here!Follow us: