A Beverly Hills plastic surgeon who earned nearly $1.3 million while working in Dubai over a three-year period plead guilty Monday to failing to disclose a foreign bank account to the IRS, according to officials.
Marc Edward Mani, 49, pleaded guilty before U.S. District Judge R. Gary Klausner.
Mani plead guilty to one count of failing to file a foreign bank and financial account report or FBAR for the 2013 tax year.
Mani is scheduled to be sentenced by Judge Klausner on Feb. 5. Mani is facing up to five years in federal prison.
According to the plea agreement filed in this case, while working as a plastic surgeon in Beverly Hills, Mani began to travel to Dubai in 2011 to perform plastic surgery for a foreign medical center.
Mani’s accountant, who was aware that Mani was earning foreign income, informed him that he would be required to report any foreign bank accounts under his ownership or control to the IRS.
In 2012, Mani opened a bank account with a financial institution based in Dubai and began depositing income he earned from abroad into this account, officials said.
By February 2013, Mani’s foreign bank account held more than $400,000. However, Mani willfully failed to file a FBAR to disclose his foreign bank account for the calendar years 2012 and 2013.
In addition to failing to disclose his interest in his foreign bank account, Mani also failed to report on his federal income tax returns the vast majority of the approximately $1.28 million in foreign income he earned in Dubai for the years 2012, 2013 and 2014.
United States citizens who have an interest in or authority over a financial account in a foreign country with assets over $10,000 are required to disclose and report the foreign financial account to the United States Department of Treasury for each year the financial account exists, according to officials