District Court in Los Angeles. The judge will decide. Schwartz’s crime could result in a sentence of up to 23 years in federal prison, although his plea deal is likely to lead to four to six years behind bars. 1 in U.S. “No matter what the source of income, all income is taxable,” Acting Special Agent in Charge Anthony Orlando said.Schwartz is scheduled to appear Feb.
When confronted about the missing money, Schwartz said he had invested it in an illegal marijuana “grow” business. He also admitted to taking $737,500 from another client, forging the client’s signature on at least two cash receipts.Schwartz’s plea includes the admission that he did not report any of the $6.5 million he embezzled to the IRS, and owes more than $1.7 million in federal income taxes. He later admitted that was a lie, prosecutors said.Schwartz also admitted in his plea agreement that he embezzled more than $1 million from another client, falsifying records to indicate the money was used for his client’s home renovations.
Schwartz, who lived in Agoura Hills at the time of the crime, worked for GSO Business Management, a Sherman Oaks firm that provides financial advice to its clients, including managing their bank accounts, budgeting and paying their bills.In his plea, Schwartz admitted to taking the money and falsifying records to hide it. He admitted to withdrawing about $4.8 million from Morissette without her knowledge from May 2010 to January 2014, prosecutors said.Schwartz admitted to prosecutors that he falsely labeled the cash withdrawals as “sundry/personal expenses” on the singer’s accounting records, prosecutors said.
A business manager for singer Alana Morissette and other entertainment and sports figures admitted in court papers Wednesday to stealing more than $6.5 million from his clients, prosecutors said.Jonathan Todd Schwartz, 48, of Playa Vista agreed to plead guilty to felony charges of wire fraud and subscribing to a false tax return for failing to disclose the embezzled funds to the Internal Revenue Service.“Jonathan Schwartz has fully cooperated with the government investigation and completely accepts responsibility for his actions,” said Schwartz’s attorney, Nathan Hochman. “Jonathan Schwartz will be responsible for making restitution.”