Los Angeles attorney Matthew G. Krane has pleaded guilty to passport fraud and tax evasion after failing to report more than $35 million in income hidden overseas.

Krane had been indicted in June, along with Jeffrey I. Greenstein, the former CEO of the investment company Quellos, and Seattle attorney Charles H. Wilk, for their involvement in a tax avoidance scheme using offshore accounts (see Ex-Quellos CEO Indicted in Tax Shelter Scheme). Under the terms of the plea agreement Thursday, Krane will serve up to five years in prison. Sentencing is scheduled for March 2010.

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