Baltimore, Maryland - Nancy Okiebisu, age 45, of Silver Spring, Maryland, pleaded guilty today to filing a false tax return, announced United States Attorney for the District of Maryland Rod J. Rosenstein.

“IRS-Criminal Investigation will continue to aggressively pursue those who file false tax returns,” stated C. Andre' Martin, Internal Revenue Service-Criminal Investigation Special Agent in Charge. “Willfully filing a false tax return is the same as stealing and there are serious consequences.”

According to the plea agreement, Okiebisu owned a 50% interest in Beauty Lane Silver Spring, LLC, which operated four retail beauty supply stores in Maryland. From 2005 to 2006, more than $1 million in cash, some of which was income from the business, was deposited into her personal bank accounts. Okiebisu admits that she failed to include $522,339 of income on her 2005 federal income tax return, and $390,587 of income on her 2006 tax return, resulting in a total tax loss of $255,619 for both years.

Okiebisu faces a maximum sentence of three years in prison and a $100,000 fine. U.S. District Judge Catherine C. Blake has scheduled sentencing for December 4, 2009 at 3:30 p.m. As part of her plea agreement, Okiebisu agreed not to contest the forfeiture of $123,232, the amount of money seized by the government in a related civil forfeiture action from a bank account controlled by her.

United States Attorney Rod J. Rosenstein thanked the Internal Revenue Service, Criminal Investigation for its investigative work and commended Assistant United States Attorney Richard C. Kay, who is prosecuting the case.