Ex-UBS banker pleads guilty in US tax evasion case

AP News
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Posted: Apr 03, 2015 8:13 AM

MIAMI (AP) — A former executive at Swiss bank UBS AG has pleaded guilty to a conspiracy charge as part of a long-running U.S. investigation into tax evasion using secret accounts.

Hansruedi Schumacher entered the plea Thursday before a Florida federal judge. Schumacher is cooperating in the investigation and in return, prosecutors will recommend a sentence of five years' probation and a $150,000 fine.

Schumacher admitted in court papers that while at UBS and a second Swiss bank from 1995 to 2009 he helped wealthy U.S. citizens escape the Internal Revenue Service using secret offshore accounts.

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Several other bankers and dozens of customers have been prosecuted. UBS itself paid a $780 million fine to the U.S. in 2009 and agreed to disclose names of thousands of its American customers.