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Beverly Hills Man Pleads Guilty to Falsifying Tax Return

Monajem Hakimijoo failed to to report interest earned on an Israeli bank account.

Monajem Hakimijoo pleaded guilty to not declaring all his interest income on a tax return. Patch file photo.
Monajem Hakimijoo pleaded guilty to not declaring all his interest income on a tax return. Patch file photo.

A Beverly Hills man who admitted filing a false federal income tax return for 2007 faces up to three years in prison and $250,000 in fines, the U.S. Justice Department and Internal Revenue Service announced today.

Monajem Hakimijoo -- also known as Manny Hakimi -- entered his guilty plea Thursday in Los Angeles federal court and is scheduled to be sentenced on April 28.

According to court documents, Hakimijoo, a U.S. citizen, and a relative maintained an undeclared bank account in Israel at Mizrahi Bank in the name of Kalamar Enterprises, a Turks and Caicos Islands entity they used to conceal their ownership of the account.

The funds in the Kalamar account were used as collateral for back-to-back loans obtained from the Los Angeles branch of Mizrahi Bank, court papers show.

Although Hakimijoo and his relative claimed the interest paid on the back-to-back loans as a business deduction for federal tax purposes, they failed to report the interest income earned in their undeclared, Israel-based account as income on their tax returns, according to the IRS.

In total, Hakimijoo failed to report $282,000 in interest income when the highest balance in the Kalamar Enterprises account was about $4 million, according to the IRS.

Hakimijoo has agreed to pay a civil penalty to the IRS in the amount of 50 percent of the highest balance of his one-half interest in the Kalamar account, officials said.

--City News Service

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