LOS ANGELES (AP) - A Beverly Hills man has been charged with helping U.S. citizens hide their money in offshore bank accounts to avoid paying taxes.
Federal prosecutors say Shokrollah Baravarian was charged Wednesday with conspiracy to defraud the United States.
Baravarian was previously a senior vice president at the Los Angeles branch of a bank based in Israel.
Authorities say he used that position to help people place money in bank accounts under various code names, then draw it out disguised as loans.
From there, authorities say, he would help people deposit that money in other banks in countries like China and Switzerland.
If convicted, he faces up to five years in prison and a $250,000 fine.
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