Michael Reiss, a Princeton resident, former associate director of the Cancer Institute of New Jersey (CINJ), and professor of internal medicine at the University of Medicine and Dentistry of New Jersey-Robert Wood Johnson Medical School, pleaded guilty on August 5 to hiding more than $2.5 million from the Internal Revenue Service in various Swiss bank accounts.
According to authorities, Reiss, who also is the former director of breast cancer research at CINJ, admitted that he willingly failed to report the funds over 10 years. He pleaded guilty as part of a deal that could cost him up to five years in prison. Reiss also must pay $400,000 in back taxes and a penalty of more than $1.2 million.
Also according to authorities, Reiss admitted that he enlisted the help of Swiss financial adviser Beda Singenberger, who was indicted in July on charges of conspiring with American clients to hide more than $184 million at various Swiss banks.