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January 7, 2010

BusWeek: UBS client sentenced to five years’ probation

By Spear's

Jan. 7 (Bloomberg) — A New Jersey businessman who admitted using a UBS AG account to hide $6.1 million from U.S. tax authorities was sentenced to five years probation by a judge who credited his cooperation with prosecutors.

Jan. 7 (Bloomberg) — A New Jersey businessman who admitted using a UBS AG account to hide $6.1 million from U.S. tax authorities was sentenced to five years probation by a judge who credited his cooperation with prosecutors.

Juergen Homann, 67, also was fined $60,000 and ordered to perform 300 hours of community service by U.S. District Judge Stanley Chesler in Newark, New Jersey, yesterday. Homann, who faced as long as five years in prison after he pleaded guilty Sept. 25, has helped prosecutors pursuing offshore tax evasion, said Assistant U.S. Attorney Marc Ferzan.

“His cooperation was very significant to the government,” Ferzan said in an interview.

To read the full story, visit businessweek.com

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