WEST PALM BEACH — A 79-year-old Palm Beach woman made tax evasion history Tuesday when she admitted to failing to tell the Internal Revenue Service about a whopping $43 million she had stashed in foreign accounts.
The amount is believed to be one of the largest individual tax evasion cases since the U.S. in 2008 began a crackdown on those who use foreign tax havens to hide assets from the government.
Mary Estelle Curran, who inherited the money from her late husband Mortimer when he died in 2000, faces a maximum six years in prison when she is sentenced March 29. As part of a plea deal, Curran agreed to pay a $21 million penalty for failing to tell the IRS about the accounts she had at UBS AG in Switzerland and a bank in Liechtenstein, federal prosecutors said. Her failure to report the interest income she earned from 2001 to 2007 cost the government about $667,716...
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