Businessman gets prison in UBS tax probe

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.

This content was published on October 30, 2009 - 15:57

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. and agencies

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