PHOENIX (AP) - Two Phoenix-area businessmen have been convicted of filing false income tax returns by concealing millions of dollars in assets in numerous secret Swiss bank accounts.
Federal prosecutors announced Friday that a jury found Stephen M. Kerr and Michael Quiel both guilty on two counts of filing false individual income tax returns for 2007 and 2008.
The men originally were indicted in January 2012 for trying to defraud the Internal Revenue Service.
Prosecutors say Kerr hired a lawyer to sell more than 11 million shares of stock held in the name of a foreign entity he controlled, then transfer the proceeds to a Swiss bank account.
Quiel was accused of having an attorney transfer about $955,000 from his undeclared foreign accounts.
Kerr and Quiel are scheduled to be sentenced June 25.
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