Lawyer fined millions for tax evasion

A disbarred New York lawyer has been fined $9.8 million (SFr8.19 million) after pleading guilty to tax evasion on funds deposited in an account at Swiss bank UBS.

This content was published on June 28, 2011 - 10:39 and agencies

Appearing in a federal court on Monday, the lawyer admitted hiding around $26.4 million in the account.

The account was opened in December 2005 under the name of an offshore company and the money deposited a month later.

He also admitted having transferred the money to the private St Gallen bank Wegelin & Co in 2008 amid fears UBS would reveal his identity during the bank’s dispute with United States tax authorities.

His plea deal calls for up to 37 months in prison. Sentencing will take place on September 27.

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