BIRMINGHAM, Ala. (AP) — An Alabama man has pleaded guilty to hiding more than $435,000 from the Internal Revenue Service after acknowledging that he already owed about $780,000 in back taxes.
John P. Cooney, 70, of Birmingham pleaded guilty Tuesday to tax evasion, a Department of Justice news release said.
It said that court documents show that in 2011, he acknowledged filing three years of late returns admitting that he owed $780,000 for taxes due in 2008 through 2010.
He then created a company, GVA Advisors LLC, where he had his employer deposit his pay and also had investment dividends sent, the department said.
“From 2013 through 2016, Cooney deposited more than $435,000 into the GVA account, concealing the funds from the IRS. In all, as a result of his actions, Cooney owed by 2017 more than $1.3 million in outstanding balances, penalties, and interest to the IRS,” it said.
The department said Cooney has agreed to pay that much in restitution. Tax evasion carries up to 5 years in prison. Sentencing is scheduled for May 28.