A New York businessman who admitted hiding assets worth $8 million (SFr8.2 million) with UBS has been sentenced to three months in prison for a Florida tax conviction.
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The man’s attorneys had asked for only probation because his extensive cooperation led to charges against others involved with the Swiss bank. But US District Judge James I. Cohn said on Friday that the nature of the crime warranted some jail time.
Prosecutors had asked for a nine-month sentence.
The 70-year-old toy magnate is among seven former UBS clients charged as a result of a broad US investigation of Swiss banking secrecy. Prosecutors say more people will be charged.
The bank has agreed to disclose the names of 4,450 wealthy Americans suspected of hiding assets.
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“Aggressive” Italian tax tactics anger Swiss
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Switzerland has complained about being singled out for tougher treatment and resents Italian police “spying” on the border. Italy says it has had enough of Switzerland encouraging citizens to dodge taxes. This is not the first time Italy has launched a tax amnesty aimed at repatriating hidden funds back home – in fact it’s the…
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An investigation into UBS, that found that the Swiss bank had helped US citizens evade tax, helped fuel a crusade to weed out cheats who were using offshore accounts to hide undeclared assets. The amnesty, that ended on October 15, offered reduced punishments for those who voluntarily declared their guilt. Culprits will pay a fine…
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If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.