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UBS client sentenced in New Jersey

Another United States client of Swiss bank UBS has been sentenced for concealing assets.

A New Jersey court handed down a five year suspended sentence, a $60,000 fine and 300 hours community service.

The man had admitted to defrauding the government of $6.1 million in unpaid taxes. The wealthy UBS client avoided prison after providing the US government with substantial help in advancing the major criminal tax fraud probe.

The 67-year-old pleaded guilty in September to failing to file the required disclosure forms, failing to report the account on his individual tax return and failing to report income earned on the account.

He is among at least five US-based UBS clients to plead guilty in the investigation into the bank's practices.

UBS officials have admitted helping US clients hide accounts from the Internal Revenue Service.

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