Guilty plea for yachting CEO in UBS tax case

The CEO of a yachting company has pleaded guilty to tax fraud charges linked to the UBS tax shelter investigation.

Robert Moran accepted responsibility for concealing more than $3m in assets in a secret bank account at UBS in Switzerland after filing a false income tax return, according to webcpa.com

He failed to declare that he had an interest in a financial account at UBS in Switzerland when filing his tax return in October last year.

Sentencing is scheduled for June 26, and he faces a maximum sentence of three years in prison and a fine of up to $250,000.

Further Reading:

UBS client faces jail over tax evasion

UBS bankers warned over tax investigation fears