The South Florida Business Journal (SFBJ) reports that,
Boca Raton resident Steven Michael Rubinstein faces up to three years in prison after pleading guilty on Thursday to charges he hid money in a Swiss bank account maintained by UBS.
According to court documents, Rubinstein kept a UBS bank account in the name of Hybridge International Ltd. and between 2001 and 2008 talked with UBS bankers about the purchase and sale of securities worth 4.5 million Swiss Francs, or about $4.1 million in U.S. dollars, based on today’s exchange rate.
It was alleged he transferred the funds in and out of the bank account and then used approximately $7 million to purchase property and build his home in Boca Raton. He also deposited and sold more than $2 million in South African Krugerrands through his UBS accounts, according to a new release from the U.S. Attorney for the Southern District of Florida.
Rubenstein was the first UBS client to plead guilty to criminal tax evasion.
The SFBJ says more will follow because,
In Feburary 2009, UBS entered into a deferred prosecution agreement in which the bank admitted to helping U.S. taxpayers hide accounts from the IRS.
As part of their agreement, UBS agreed to provide the U.S. government with the identities of, and account information for, certain U.S. customers of UBS’s cross-border business.
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