Two bankers employed by Newport Beach-based developer Igor Olenicoff are under criminal indictment for allegedly helping the Olen Properties Corp. founder and president hide assets and evade taxes, according to reports.
Bradley Birkenfeld, a U.S. citizen, and Mario Staggl of Liechtenstein are charged with a single count of conspiring to defraud the U.S., according to a criminal indictment unsealed Tuesday in Miami.
The two bankers are alleged to have created fictitious trusts, bogus corporations and other false entities to hide some $200 million of Olenicoff’s assets, the Associated Press reported. They each face up to five years in prison if convicted.
Olenicoff is not charged in the indictment.
Last month the billionaire concluded a long-running tax dispute with the government. He was sentenced to two years of probation after pleading guilty to filing a false tax return and paying some $52 million in back taxes and penalties.
The indictment claims that Birkenfeld and Staggl helped Olenicoff prepare false documents, advised him to destroy all foreign bank records and assisted in preparing false tax returns.
Among other advice, Olenicoff was told to transfer ownership of his 147-foot yacht from the U.S. to Gilbraltar, the indictment said.
