WHITE PLAINS, N.Y. (CN) - Ernest Davis, the mayor of Mount Vernon, pleaded guilty Tuesday to concealing from tax authorities the proceeds of his 2003 property sale.
In addition to failing to report the proceeds of the sale on his individual income-tax return, Davis failed to file a corporate income-tax return, he admitted. A third admission Davis made today concerned his failure to file a personal federal income tax return for the more than $106,000 he earned in 2011.
The 76-year-old faces up to two years in prison. U.S. Magistrate Paul Davison will conduct sentencing on Jan. 26, 2015, at 11 a.m.
A rental corporation known as 14-16 Sandford East Inc. held the rental property whose sale Davis tried to hide, according to an announcement from prosecutors. They said Davis bought the Mount Vernon property in 1988.
Read the Top 8
Sign up for the Top 8, a roundup of the day's top stories delivered directly to your inbox Monday through Friday.