Mr Tucker and Mr Marks were accused in an indictment in 1995 of lying to obtain a $300,000 federally backed loan while they were partners in the 1980s. They also were accused of conducting a sham bankruptcy to avoid taxes on the sale of a cable television system.
Their indictments resulted from the wide-ranging investigation by Kenneth Starr, the independent counsel, of President Bill Clinton's business dealings with Whitewater, a failed real estate development in Arkansas.
Mr Marks told a US district judge that he had full knowledge of the sham bankruptcy plan. "I am guilty," he said.Reuse content