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First Client From U.S. Is Arrested in UBS Case
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| Contributor | ArmyDem |
| Last Edited | ArmyDem Apr 02, 2009 10:49pm |
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| Category | News |
| Media | Newspaper - New York Times |
| News Date | Friday, April 3, 2009 04:00:00 AM UTC0:0 |
| Description | By LYNNLEY BROWNING
Published: April 2, 2009
Federal authorities have arrested a wealthy American client of the Swiss bank UBS on charges of tax evasion.
The client, Steven Michael Rubinstein, an accountant, was arrested in Boca Raton, Fla., and charged with one criminal count of filing a false and fraudulent tax return, according to court papers unsealed on Thursday.
The arrest is the first of an American client of UBS, which has been under criminal investigation for helping scores of wealthy Americans evade taxes through secret offshore accounts that went unreported to the Internal Revenue Service. It signals that federal authorities are making good on a promise to pursue American clients suspected of tax evasion, and in some cases to make indictments.
UBS admitted in February to conspiracy to defraud the I.R.S. by helping scores of wealthy Americans hide nearly $20 billion overseas.
The bank paid $780 million to settle the charges, but it remains under investigation, as do its American clients. The admission has helped to open the world of offshore banking and dealt a death blow to Swiss financial secrecy.
The arrest came as a result of client documents and data on Mr. Rubinstein that UBS turned over to federal authorities as part of the deal.
Mr. Rubinstein had an account with UBS worth at least $6 million, including stock and gold coins worth $2 million, according to court papers filed in Federal District Court in Fort Lauderdale. He holds both United States and South African passports. |
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