NEW YORK (CNNMoney.com) -- A federal jury returned an indictment charging "Girls Gone Wild" founder Joe Francis with tax evasion, the Justice Department and the Internal Revenue Service announced Wednesday.
The indictment alleges that Francis deducted more than $20 million in false business expenses on Mantra Films Inc. and Sands Media Inc.'s 2002 and 2003 corporate income tax returns. Mantra and Sands produce and sell the DVDs and videotapes of young women
The government alleged Francis used offshore bank accounts and entities owned by others to hide income he earned during the time. The indictment also says Francis transferred more than $15 million from an offshore bank account to a brokerage account in Irvine, Calif., which he controlled.
If convicted, Francis faces up to 10 years in prison and fines of up to $500,000.
Efforts to reach Francis or his representatives for comment were not immediately successful.
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