Crime & Safety

Newport Beach Businessman Admits Claiming $28 Income on $350K Earnings to IRS

An 80-year-old Newport Beach business owner pleaded guilty to tax fraud.

An 80-year-old Orange County businessman pleaded guilty to tax fraud today in a Santa Ana federal courtroom.

David J. Thomas, who formerly lived in Newport Beach and was the owner of two Orange County-based businesses, pleaded guilty to a felony count of tax fraud, according to the IRS.

Thomas, who was the owner of All-American Capital Inc. and United American Ventures LLC, admitted that in March 2010 he filed a 2008 tax return reporting adjusted gross income of $28, according to the IRS. He actually earned more than $350,000, the IRS reported.

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The fraudulent tax return cost the IRS $98,813, according to the agency.

Thomas was scheduled to be sentenced Aug. 8.

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