An Ocean City, MD, hotelier has been convicted by a federal jury on three counts of tax evasion and one count of structuring a financial transaction in 1997 to avoid federal currency transaction reporting.
Adel “Ed” Iskander, 61, owns and operates the Georgia Belle in Ocean City, MD, and the Iskander Island Inn, on Fenwick Island, in Delaware. According to trial evidence, Iskander reports no taxable income and paid no federal income tax during 1994 to 1996.
The two hotels, however, were earning a substantial amount of income. Iskander attempted to hide the income by diverting it to an investment account held in the name of his 51-year-old wife, Cynthia Iskander. She was acquitted of counts against her.