Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Media accused of pro-protester bias in Ferguson

Read more

DEBATE

The Murderous Lure of Jihad: Tackiling ISIS and its Worldwide Recruitment (part 2)

Read more

DEBATE

The Murderous Lure of Jihad: Tackiling ISIS and its Worldwide Recruitment

Read more

FOCUS

Republicans block Obama's bid to hike minimum wage

Read more

WEB NEWS

Calls for ISIS media blackout after execution of James Foley

Read more

WEB NEWS

Web users divided over Darren Wilson

Read more

WEB NEWS

Web users take on 'Ice Bucket Challenge' to fight ALS

Read more

ENCORE!

From Paris's Liberation to 'arresting' art in Avignon

Read more

INSIDE THE AMERICAS

Ferguson riots: Pressure mounts on Obama

Read more

  • US says Islamic State threat 'beyond anything we've seen'

    Read more

  • Two US Ebola patients leave hospital ‘virus-free’

    Read more

  • Hollande is ‘nobody’s president’ says former French minister

    Read more

  • Turkey’s Erdogan names foreign minister Davutoglu as next PM

    Read more

  • US reaches historic $16.7bn settlement with Bank of America

    Read more

  • Special report: Supplying Ukraine’s soldiers on the front line

    Read more

  • US forces tried to rescue slain reporter from IS captors

    Read more

  • Israeli air strike kills three top Hamas commanders

    Read more

  • France delivered arms to Syrian rebels, Hollande confirms

    Read more

  • Tensions high in Yemen as Shiite rebel deadline looms

    Read more

  • Interactive: Relive the Liberation of Paris in WWII

    Read more

  • French village rallies behind besieged elderly British couple

    Read more

  • Former Irish PM Albert Reynolds dies at 81

    Read more

  • Former Femen activist detained after fighting veiled woman

    Read more

  • Thailand coup leader Prayuth Chan-ocha voted prime minister

    Read more

  • Brazil’s Silva launches bid after Campos plane crash death

    Read more

  • Brutal IS beheading video sparks social media pushback

    Read more

Business

Ex-UBS banker sentenced to 40 months for fraud

Text by NEWS WIRES

Latest update : 2009-08-24

A former American banker at Swiss banking giant UBS was been sentenced to three years and four months in prison by a US federal court Friday. The banker helped wealthy US clients evade taxes.

AFP - A US federal court on Friday sentenced a former American banker at Swiss banking giant UBS to three years and four months in prison for helping wealthy US clients evade taxes, the Justice Department said.

Bradley Birkenfeld pleaded guilty to conspiring to defraud the United States on June 19, 2008. The whistleblower's confession led to the US government's probe of a multimillion-dollar tax evasion case against UBS, Switzerland's biggest bank.

Birkenfeld, of Weymouth, Massachusetts, was sentenced by Judge William Zloch in Fort Lauderdale, Florida.

The sentencing came two days after UBS and the US and Swiss governments reached a landmark out-of-court settlement of a US civil tax fraud complaint.

According to court documents and statements made in court Friday, the Justice Department said, Birkenfeld worked as a private banker in Geneva for UBS.

While at UBS, Birkenfeld helped an American billionaire real estate developer avoid paying 7.2 million dollars in taxes by helping the developer conceal 200 million dollars of assets hidden offshore in Switzerland and Liechtenstein, the department said.

Birkenfeld routinely traveled to and had contacts within the United States in an effort to help wealthy Americans hide their assets offshore to evade taxes.

"To those taxpayers who have illegally hidden their income in foreign bank accounts and to those who have illegally helped clients hide income and assets, today's sentencing serves as notice: come in and completely come clean," said John DiCicco, acting assistant attorney general of the Justice Department’s tax division.

DiCicco was referring to the government's temporary voluntary disclosure program, which expires on September 23.

Jeffrey Sloman, acting US attorney for the Southern District of Florida, warned tax evaders against complacency after the US government reached out-of-court settlements in civil and criminal tax-fraud cases against UBS>

"Those who have stashed money offshore should not take comfort in the fact that the UBS investigation seems to have reached criminal and civil resolutions," Sloman said.

"New leads and additional evidence are being uncovered each day. We are committed to pursuing these new leads and to developing additional cases against those who assist Americans evade their income tax obligations."

Date created : 2009-08-21

COMMENT(S)