UBS Client Admits to Secret Account

Following a deal between the IRS and Swiss bank UBS AG, an institution in which accountholders from all over the world could hide their money from their country’s tax, the identities of American accountholders have been made available to the proper authorities. This has led to cases like that of Juergen Homman, a New Jersey businessman, who has pleaded guilty to failing to tell the authorities about a $6.1 million account he had with UBS.
 
Homman pleaded guilty in a New Jersey federal court to not disclosing the account on tax returns from 2001 to 2007 and to not filing the separate reports required for offshore accounts. He is the fifth client to be charged this year on a tax case involving a UBS Bank secret account.
 
UBS, the largest bank in Switzerland, has agreed to pay $780 million to the United States to avoid prosecution for helping American clients to avoid taxes. It also agreed to give secret data to the IRS concerning 250 clients, also agreeing to give information about 4,450 clients last month.

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