UBS client faces jail over tax evasion

A client of UBS has pleaded guilty to tax evasion and could face jail and a substantial fine.

Robert Moran, the president of Florida Yacht broker Moran Yacht & Ship, pleaded guilty to filing a false income tax return, concealing more than $3m () in assets in a secret UBS bank account in Switzerland.

Judge Cohn scheduled sentencing for 26 June, and Moran faces a maximum sentence of three years in prison and a maximum fine of $250,000.

In February UBS entered into a deferred prosecution agreement in which the bank admitted to helping US taxpayers hide accounts from the IRS.

As part of their agreement, UBS agreed to provide the U.S. government with the identities of, and account information for, certain US customers of UBS’s cross-border business.

Further reading:

UBS bankers warned over tax investigation fears

Visit the US Department of Justice's website for more information