Bernard Kramer: Delray Beach man admits hiding $1 million in overseas accounts

DELRAY BEACH, Fla. - An 83-year old Delray Beach faces up eight years in prison for hiding more than $1 million from the IRS.

Bernard Kramer pleaded guilty Tuesday to hiding the money in Swiss and Israeli bank accounts from 1987 to about 2012.

Investigators said he used the code phrase "Hot Lips" to refer to them in communications with Swiss bankers in Zurich.

Kramer agreed to cooperate with government investigators and pay a civil penalty of $588,000, along with past due taxes.

A federal court sentencing is scheduled for Feb. 6.

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