He allegedly ran a Ponzi scheme and avoided paying taxes to the U.S. government.
A California man who allegedly stole approximately $12 million from victims who thought their investments would be used to purchase annuities faces new charges of failing to pay more than $3 million in federal income tax and concealing bank accounts in Monaco used to hide ill-gotten gains.
Arnold Aviss, 64, of Santa Barbara, California, was arrested in June 2021 for allegedly operating a Ponzi scheme that promised to invest victims’ money in annuities from Swiss insurance companies.
The new tax charges against Aviss alleged that he defrauded the United States by failing to file tax returns for 2014, 2015 and 2016 and failing to pay any income taxes for those years. Aviss allegedly evaded paying more than $3 million in income taxes.
Aviss also failed to disclose accounts he controlled in Monaco.
If convicted, Aviss faces up to decades in prison.