UBS client pleads guilty to tax fraud in US

A UBS client charged with evading United States tax pleaded guilty in a Florida court on Tuesday.

This content was published on April 14, 2009 - 19:55

He faces up to three years in prison and $250,000 (SFr285,775) in fines.

Robert Moran, a yacht company executive, was the first UBS client to plead guilty. A second US citizen is scheduled to answer similar charges next week.

Prosecutors said Moran failed on his 2007 US tax return to report his interest in a UBS account. The accountant met frequently with UBS bankers at his home and at hotels.

UBS admitted in February that it had helped US clients conceal assets from their government in order to avoid taxes.

The bank paid a $780 million fine, and disclosed the names of some of the clients involved. The bank is resisting pressure to hand over the names of some 52,000 further US clients holding secret accounts.

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