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Former UBS Client Sentenced for Stashing $7.1 Million in Swiss Accounts

Bloomberg reports that Richard Werdiger, 64, is one of 36 Americans charged since 2007 in a U.S. crackdown on offshore tax evasion, and his was the longest prison term by a day. Werdiger, who pleaded guilty in March in federal court in New York, paid a civil penalty of $3.84 million and was fined $50,000 yesterday at his sentencing.

A New York diamond merchant, who is a former client of the Swiss banking giant UBS AG has, been sentenced to a year and a day in prison for hiding more than $7.1 million in Swiss bank accounts and evading more than $400,000 in U.S. taxes, prosecutors announced Nov. 9 (United States v. Werdiger, S.D.N.Y., No. 10-CR-325, sentencing 11/9/11).

The penalty was part of his plea agreement when he admitted in March to a single count of conspiring to defraud IRS and five counts of filing false tax returns. His prison term was just over half of the lower end of a range of 24 months to 30 months recommended in the plea agreement.

Read more at: Tax Times blog

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