Former UBS client who hid $8M gets sentenced to prison

A New York businessman who admitted hiding assets worth $8 million with Swiss bank UBS AG was sentenced to three months in prison for a Florida tax conviction.
JAN 04, 2010
A New York businessman who admitted hiding assets worth $8 million with Swiss bank UBS AG was sentenced to three months in prison for a Florida tax conviction. Jeffrey Chernick's attorneys had asked for only probation because his extensive cooperation led to charges against others involved with UBS. But U.S. District Judge James I. Cohn said Friday that the nature of the crimes warrant some jail time. Prosecutors had asked for a 9-month sentence. Chernick, a 70-year-old toy salesman, is among seven former UBS clients charged in a broad U.S. investigation of Swiss bank secrecy. Prosecutors say more people will be charged. The bank has agreed to disclose the names of 4,450 wealthy Americans suspected of hiding assets. Chernick reports to prison Jan. 4.

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