UBS client pleads guilty to hiding $6.1M in secret account
A New Jersey man pleaded guilty on Friday to hiding a secret Swiss bank account with UBS AG from U.S. tax authorities, according to The Wall Street Journal.
A New Jersey man pleaded guilty on Friday to hiding a secret Swiss bank account with UBS AG from U.S. tax authorities, according to The Wall Street Journal.
The U.S. Department of Justice said that Juergen Homann of Saddle River held approximately $6.1 million in the secret account from 2001 to 2008. Prosecutors said that he opened the account in the late 1980s on behalf of a “Liechtenstein Foundation,” later placing it under the name of a Hong Kong firm, the Journal reported.
With the help of a Swiss lawyer, Matthias Rickenbach, Mr. Homann also used the account to set up a $5 million fake loan to fund his business endeavors in the United States, according to the report.
Learn more about reprints and licensing for this article.
