Libertyville businessman admits to tax evasion

A businessman from Libertyville pleaded guilty in federal court Thursday to evading more than $2.4 million in income taxes, according to a news release from the U.S. attorney's office for the Northern District of Illinois.

Anthony D. Panico, owner of the Libertyville-based AP Capital Management LLC, pleaded guilty to one count of tax evasion, which is punishable by up to five years in federal prison.

Between 2010 and 2017, Panico received more than $9.2 million in income he should have filed returns and paid taxes on.

Panico said he concealed his income by creating multiple business entities, misidentifying the use of funds he obtained from banks, and paying personal expenses from corporate accounts, among other methods, according to the news release.

Panico's sentencing is scheduled for Aug. 31.