Man admits using Panamanian bank account to conceal $1.5M

NEWARK, N.J. (AP) - A Connecticut man has admitted using a Panamanian bank account to conceal more than $1.5 million in profits from the sale of duty-free alcohol and tobacco products.

New Jersey U.S. Attorney Paul J. Fishman says Saul Hyatt pleaded guilty Wednesday in federal court in Newark to conspiring to conceal assets and income from the IRS.

Prosecutors say the 53-year-old Hyatt used a registered Panamanian corporation to buy and sell the duty-free products. He shipped the alcohol through a customs-bonded warehouse in Fort Lauderdale, Florida. The tobacco products passed through a customs-bonded warehouse in North Bergen, New Jersey.

From 2006 to 2012, Hyatt had the profits wired to his undeclared bank account in Panama. Hyatt used the funds to purchase a Mercedes and interior design goods and services.