Wednesday, January 11, 2012

Doctor / Medical Professor / UBS Client Sentenced (1/11/12)

Sentencing on 1/11/12, per USAO SDNY Press Release, here.

Taxpayer: Michael Reiss
Bank : UBS AG; two other unidentified Swiss bank, but one is pseudonymed "Swiss Bank No. 1"
Swiss Enabler: Beda Singenberger (see blogs here)
Entities: Yes (sham foundation and apparently sham corporation)
Guilt: By Plea Agreement - False FBAR (1 count)
Sentence: 1 day incarceration; 8 mos. community confinement; 3 years supervised release
Tax Loss: $400,000 (at least)
Restitution (per Guilty Plea): $458,000 +.
FBAR Penalty: $1,217,316 (FBAR penalty; 50% of highest balance for one year).
Court: SD NY
Judge Accepting Plea: Berman, Richard M. (SDNY)

Prior blog entry on guilty plea:  Yet another plea deal for UBS Depositor (8/6/11), here.

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