New Jersey man pleads guilty for hiding UBS account

September 25, 2009

LIECHTENSTEIN-TAX/   WASHINGTON, Sept 25 (Reuters) – A New Jersey man pleaded guilty on Friday for failing to report about $6.1 million he had held in a UBS AG <UBSN.VX><UBS.N> Swiss bank account, the latest plea in the U.S. crackdown on tax fraud.
   Juergen Homann agreed to plead guilty to failing to report his UBS account on his U.S. income tax return as well as the income he received from the account, according to the Justice Department.
   Homann worked with a Swiss lawyer to set up the account that held some $6.1 million from 2001 to 2008, the agency said. The lawyer, Matthias Rickenbach, is under federal indictment for helping Americans evade U.S. taxes.
   Homann’s guilty plea is the latest in a series of prosecutions as the Obama administration cracks down on Americans, who have hidden funds overseas in a bid to avoid U.S. taxes. An amnesty program is due to expire Oct. 15.
   “Those who think they can ‘stay below the radar’ face a real risk of prosecution and jail if convicted, and they will still owe the taxes due, together with interest and civil penalties,” said John DiCicco, the acting assistant attorney general for the Justice Department’s tax division.
   U.S. and Swiss officials signed a pact last month in which the details of 4,450 accounts of Americans from banking giant UBS would be turned over to U.S. authorities. Switzerland also committed to help uncover Americans’ hidden accounts at other Swiss banks.
 (Reporting by Jeremy Pelofsky, editing by Lisa Von Ahn, Leslie Gevirtz) ((jeremy.pelofsky@thomsonreuters.com; +1 202 898 8396; jeremy.pelofsky.reuters.com@reuters.net)) Keywords: UBS USA/NEWJERSEY 
  
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 Friday, 25 September 2009 18:01:30RTRS [nN25510639] {EN}ENDS

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