Malibu man charged with foreign tax fraud
On Friday, Malibu resident John McCarthy was charged with failing to inform the government of a plan to transfer at least $1 million from the United States into a Swiss bank account, in order to avoid the payment of federal income taxes.
According to PR Newswire, Switzerland’s largest bank, UBS AG, turned over records showing that McCarthy transferred funds from a United States account into a UBS bank account in the name of COGS Enterprises, Ltd., a Hong Kong entity since 2003.
In a criminal investigation filed Friday in United States District Court, McCarthy was charged with one count of willfully failing to file a Foreign Bank and Financial Accounts report (FBAR). In a related plea agreement, McCarthy agreed to plead guilty to the felony charge. He admitted that he failed to pay at least $200,000 in federal income taxes, according to PR Newswire.
McCarthy is expected to make his initial appearance in federal court on Sept. 14. McCarthy faces a maximum penalty of five years in federal prison and fines totaling $250,000.
Power outage planned for Friday
Southern California Edison has scheduled a planned power outage in Malibu on Aug. 21 that will occur while maintenance work is performed by SCE. The outage will take place at 29500 Heathercliff Road Friday, from 9 a.m. to 3 p.m.
Power may be off the entire period or may be turned off more than once. Start and end times for the outages are best estimates.
Prior to the outage, customers may consider taking the following precautions to minimize the impact of power interruption: back up computer data; unplug sensitive electronic equipment (computers, etc.) excluding refrigeration; check security gates for manual-release operation; plan to minimize the opening of refrigerator and freezer doors during the outage to maintain temperatures; notify alarm or security system providers.
After power is restored, remember to reset clocks and timers. Contact your alarm or security company, if necessary. SCE can be contacted at its 24-hour customer service center at 800.655.4555 with questions or the local service representative at 805.494.7053 between 7 a.m. and 4 p.m. Customers can also check the SCE Outage Center at www.sce.com/PowerOutageCenter.
Malibu achieves highest credit, bond ratings
The independent bond rating agency, Standard and Poor’s, described the City of Malibu’s financial performance as “very strong” and awarded its highest possible credit and bond ratings to the city. Mayor Andy Stern announced that these ratings would help ensure the new City Hall to be purchased at the lowest possible interest rate and cost to taxpayers.
Standard and Poor’s have given the city a rating of “AAA” for credit and “AA+” for bonds, the highest possible ratings, for the last two years.
Sara Oberlies, the City of Malibu’s investment banker, said that only 35 California cities have achieved that rating. Said Mayor Stern, “Maintaining outstanding ratings verifies the fiscally responsible and sound management of the City.”
City seeks $5 million for Legacy Park construction
The City off Malibu is seeking additional funding to help build its storm water and urban runoff project, Legacy Park, by applying for a $5 million grant from federal stimulus funds administered by the State Water Resources Control Board, Mayor Andy Stern announced Tuesday. According to the City of Malibu, the construction of Legacy Park will transform 15 acres in the heart of Malibu into a central park that will capture storm water and urban runoff flows from the surrounding watershed so it can be cleaned, disinfected and recycled.
“This $5 million grant is essential to the construction of Legacy Park, the centerpiece of the city’s more than $50 million dollar commitment to clean water, and we are optimistic this application will be funded,” Stern stated in a press release.
The Legacy Park Project is scheduled to be completed by October 2010. In addition to the Legacy Park and other storm water projects, the City of Malibu is preparing plans for a centralized wastewater system for its Civic Center area, authorizing $2.6 million in January 2009 for design and engineering.