UBS client sentenced to probation for tax evasion charge
A client of UBS AG, a Swiss bank, has been sentenced to three years probation for using an offshore account to hide funds from the U.S. government.
A client of UBS AG, a Swiss bank, has been sentenced to three years probation for using an offshore account to hide funds from the U.S. government.
Jeffrey Chatfield, an American citizen who lives in San Diego, California, is also ordered to pay the Internal Revenue Service more than $96,000, as a penalty for not filing Report of Foreign Bank and Financial Accounts, according to The Wall Street Journal.
Chatfield also filed false tax returns for the years 2000 through 2008. He did not inform the IRS that he had offshore accounts in the Bahamas and Switzerland from banks such as UBS and Credit Suisse, according to the news source. Currently, UBS is working with the U.S. government by giving names of account holders that have overseas accounts in an initiative to help the United States fight tax evasion.
President Barack Obama is pioneering an effort against Americans who evade taxes, and has recently asked for more IRS resources in order to battle the crime.
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