Another US citizen cites UBS over tax evasion

A retired manager from the United States Boeing aircraft maker has pleaded guilty to hiding nearly $2 million (SFr2.05 million) in Swiss bank UBS accounts.

This content was published on October 6, 2009 - 08:48

He was accused in the US of filing a false tax return, omitting that he had an interest in or control over accounts at UBS, as well as failing to report income from the accounts, according to the US Justice Department.

The case is seen as another step by US authorities in pursuing Americans who illegally hid funds abroad to avoid taxes.

The man faces up to three years in jail, a fine of up to $250,000 and a civil penalty equal to 50 per cent of the highest account balance between 2001 and 2007, the department said. He is due to be sentenced in January.

His plea is the seventh involving the government's case against UBS stemming from a settlement in February in which the Swiss bank paid the US government $780 million.

As part of the February deal with the government, UBS admitted it actively took part in a scheme to defraud the US by helping American citizens conceal their accounts. and agencies

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