The first former customer of UBS to be sentenced for tax fraud following the lengthy battle between the United States and the bank received one year of home detention.
The former customer, Steven Rubinstein, will also pay a $40,000 fine. Rubenstein’s penalty comported with the Justice Department’s request for leniency following his cooperation in the investigation into the Swiss banks’ assistance in tax evasion by U.S. residents, Reuters reports.
The investigation culminated in UBS paying a $780 million penalty and turning over 4,450 names of U.S. citizens with undisclosed offshore accounts.
Rubenstein’s account with UBS was worth a reported $6 million; it seems safe to assume his South Florida residence will not be a bad place to ride out the house arrest.
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