Two  developers heading for jail in the U.S. for tax evasion, hid some of their assets in Panama, where, it is reported, they have relatives.

Maurice Cohen Assor, 77, and his son, Leon Cohen-Levy, 46, were sentenced to 10 years in prison Thursday for conspiring to commit tax fraud by hiding more than $150 million dollars in assets and failing to declare $49 million in revenue.

Federal Judge William J. Zloch handed down the sentences in Fort Lauderdale, Florida.  
Additionally Algerian born Cohen Assor, who has U.S. residency, was ordered to pay $9.3 million in fines. His son, a naturalized American, was ordered to pay $7.7 million.

 The father and son were convicted by a jury after a month long trial.

They were  using shell companies in jurisdictions like Panama, the Bahamas, Liechtenstein, the British Virgin Islands and Switzerland to hide their assets and income from U.S. tax authorities.