An 80-year-old Orange County businessman pleaded guilty to tax fraud Monday in a Santa Ana federal courtroom.
David J. Thomas, who formerly lived in Newport Beach and was the owner of two Orange County-based businesses, pleaded guilty to a felony count of tax fraud, according to the IRS.
Thomas, who was the owner of All-American Capital Inc. and United American Ventures LLC, admitted that in March 2010 he filed a 2008 tax return reporting adjusted gross income of $28, according to the IRS. He actually earned more than $350,000, the IRS reported.
The fraudulent tax return cost the IRS $98,813, according to the agency.
Thomas was scheduled to be sentenced Aug. 8.
–City News Service