A former Atlantic City club owner admitted skimming money from several resort businesses he owned to put down payments on luxury vehicles.
Coby Frier, 53, kept the down payments below the $10,000 cash reporting threshold to evade detection by the IRS, U.S. Attorney Craig Carpenito said Thursday.
Frier was one of the owners of several bars, restaurants and clubs in Atlantic City, including Maloney's Uptown and A.C. Dolls strip club.
He admitted Thursday that he did not file personal income tax returns from 2012 to 2015, while skimming the cash from his businesses.
The amount involved was not released because it is in dispute, according to a spokesman for the U.S. Attorney's Office.That will be argued at his sentencing scheduled for Sept. 11.
Frier pleaded guilty to one count of tax evasion, which carries a sentence of as long as five years in prison and $250,000 fine.
