A Swiss Bank Account has become long hand for tax evasion over the years, but until recently, the United States didn’t have access to the banks to prove it. More desperate for tax dollars than ever, the Obama Administration demanded information on American accounts and has begun prosecuting. Today, a New Jersey Client of the United Bank of Switzerland received 5 years probation following a guilty plea for hiding a UBS account holding an excess of $6 million in assets.
Jeurgan Homann, a resident of Saddle River, New Jersey, pleaded guilty for failing to report the account, failing to report income on it and failing to file necessary disclosure forms.
Homann is just one of many to be brought on trial during the ongoing federal investigation of the practice. Five or more American clients of UBS have already pleaded guilty to concealing large sums of money with the bank.
UBS officials have confessed to aiding American citizens in creating hidden accounts in order to evade the IRS.
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