Jack Barouh

Jack Barouh has pleaded guilty to hiding $10 million in his UBS Swiss bank accounts and failing to report income earned on those accounts and filing a false tax return.

Barouh is founder of Miami-based Michele Watches, a luxury brand purchased for $50 million in 2004 by Fossil.

It was alleged he “skimmed the profits” from that business and hid them in offshore accounts.