UBS client pleads guilty to filing false tax return

16 April 2009

A Florida man has pleaded guilty in the United States to filing a false income tax return as part of plan to conceal more than $3 million in assets in a secret Swiss bank account held with UBS.

The Department of Justice said that on or around October 14th 2008, yacht broker Robert Moran filed a return for the 2007 tax year that neglected to mention that he held any interest in, or had signature authority over, a UBS account.

Mr Moran also failed to disclose any income from that account.

However, according to court records, he was the beneficial owner of a UBS account in the name of Winter Drive Investments. Between 2001 and 2008, he held email, telephone and face-to-face discussions with UBS bankers about the purchase and sale of securities, as well as the conversion of investments from US dollars into euros.

Mr Moran faces a maximum prison term of three years and a fine of up to $250,000. He is scheduled to be sentenced on June 26th.

In February, UBS - Switzerland's largest bank - admitted helping a number of clients to hide their assets from US authorities and agreed to pay $780 million in penalties and restitution.

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