| Newsflash Details | |||
| Title | Former-UBS client receives house arrest for tax evasion, reports claim | ||
| Description | Paul Zabczuk, a businessman from Texas and ex-UBS client, has received a fine and house arrest after admitting to tax evasion. According to reports, Mr Zabczuk hid assets from the tax authorities between 1999 and 2009 by using a number of UBS bank accounts which he directed customers to pay him through. Money from his offshore accounts was transported back to the US following withdrawals from branches in other parts of the world. The businessman received a house arrest penalty equal to a year as well as a $2,000 fine when he was sentenced at a court in Miami. William Dimitrouleas, US District Judge, who was quoted by Bloomberg, said: “I know the importance of deterrence. If I impose a slap on the wrist, there may be more people who take the risk of not paying their taxes.” UBS avoided facing prosecution by the US authorities after agreeing to pay $780 million and revealing the names of US clients who had opened accounts with the bank to avoid paying tax. A further 4,450 names of account holders were also disclosed by the bank following the agreement. | ||
| Event date | 30/07/2010 | Source | Bob's Guide (www.bobsguide.com) |
| Country | United States of America | Amount | 2,000.00 USD |
| Involved | UBS | ||
| Business line | Private Banking | ||
| Related Newsflashes | 31/08/2010 UBS lawsuit to be dropped by IRS 01/08/2010 IRS pillories convicted UBS clients on the Internet 14/06/2010 Banker slams politicians over UBS accord 'games' 08/06/2010 UBS tax-evasion deal rejected by Swiss lower house 08/01/2010 Court rules UBS data transfer to US illegal 19/08/2009 Details of 4,450 UBS accounts to be passed to US 14/08/2009 US prosecutors build criminal cases against 150 UBS clients | ||
