An Irvine man was sentenced Wednesday to one day behind bars, which he has already served, and fined $95,000 for tax evasion for failing to report interest income from his bank accounts in Hong Kong and Singapore.
Jean Guy Minn, 56, a South Korean national who lives in Irvine as a legal permanent resident, pleaded guilty May 24 to one count of tax evasion, according to court records and the U.S. Attorney’s Office.
Minn 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 filed a plea agreement in April in which the defendant admitted he failed to report a total of $2,365,427 in interest income from 2010 through 2017. He paid back $573,916 in back taxes for those years, according to court records.
Minn agreed to pay a 50% penalty on one foreign bank account that holds about $18 million, prosecutors said.