Oil investor Morris Zukerman pleaded guilty to a federal tax evasion charge on Monday and has agreed to pay tens of millions of dollars in unpaid taxes.
According to Bloomberg, Zukerman pleaded guilty to one count of tax evasion and one count of impeding the Internal Revenge Service and also agreed to pay the IRS $37 million in unpaid taxes.
Zukerman admitted that he failed to report $28 million in profits he received from the sale of an unnamed oil company and also admitted to lying to his accountants.
Zukerman’s lawyer told the judge that Zukerman plans to file at least 80 amended tax returns before December 5, Bloomberg added.
Zukerman, 72, was indicted in May for for allegeldy evading over $45 million in taxes.
Zukerman was charged with one count of tax evasion, one count of wire fraud and one count of obstructing the IRS.
According to the Department of Justice, Zukerman allegedly schemed to evade taxes for income received from the January 2008 sale of a petroleum products company that he co-owned with a public company through a subsidiary of M.E. Zukerman & Company.
Zukerman’s firm has partnered with ConocoPhillips, ExxonMobil and Kinder Morgan in the past and a subsidiary of his firm owns a stake in the Cortez Pipeline Company.
Prior to founding M.E. Zukerman and Company, Zukerman served as the joint head of Morgan Stanley’s energy group.
Zukerman also allegeldy schemed to defraud the state of New York over $4.5 million of sales and use taxes in connection with the purchase of European artwork.
According to Bloomberg, Zukerman did not plead guilty to a charge tied to those state taxes but he did agree to pay the state of New York $4.6 million in restitution.
According to Reuters, Zukerman has agreed to not appeal any prison sentence of 7 and 1/4 years or less.
Zukerman is currently expected to be sentenced on December 5.