Igor Olenicoff, a billionaire industrial and commercial property developer, has pleaded guilty to filing a false 2002 tax return and paid $52 million in back taxes and penalties in an effort to stay out of jail.
The 65-year-old faces the possibility of three years in prison and is scheduled for sentencing in April. His wealth is estimated at $1.7 billion by Forbes magazine, which includes him on its Forbes 400 list at No. 286.
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