Former NYC Councilman|Admits Tax Evasion

(CN) - Former New York City Council President Andrew Stein pleaded guilty Wednesday to ducking taxes on more than $1 million of income in 2008.

Stein, 66, who also served as Manhattan borough president, concealed the existence of his shell company, Wind Rivers, and he lied to IRS agents about his association with and knowledge of the company. Stein also failed to disclose the company's bank account, as well as the fact that he used credit cards belonging to third parties or that he rented a luxury summer home in Bridgehampton, N.Y., prosecutors say.

Stein, who reportedly dated conservative commentator Ann Coulter, dropped out of politics after losing a bid for mayor of New York in 1993. He was indicted in May along with his father, financial adviser Kenneth I. Starr.

Starr bilked his "high net-worth, celebrity clients," who reportedly included Uma Thurman and Martin Scorcese, in a $30 million Ponzi scheme, prosecutors claim in Federal Court. Starr allegedly used his unfettered access to his clients' accounts to buy himself a $7.5 million Upper East Side condo.

Stein faces up to 1 year in prison and must file amended tax returns, and pay past due taxes through 2003.

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