A New Jersey father and daughter who had been former UBS AG (UBS) clients were sentenced to probation following a guilty plea to criminal charges for hiding money in Swiss bank accounts, Reuters reports.
Harry Abrahamsen, of Oradell, New Jersey, was sentenced on Tuesday to three years of probation, which includes 12 months of home confinement with electronic tracking, following his April 2010 guilty plea to concealing more than $1 million.[From Reuters]: “Abrahamsen will pay more than $900,000 in fines, back taxes and interest, U.S. Attorney Paul Fishman in New Jersey said.
On Monday, Abrahamsen’s daughter Lucille Abrahamsen Jackson, of Hillsdale, New Jersey, was sentenced to one year of probation following her November 2010 guilty plea. She agreed to pay a $380,000 penalty.”
Prosecutors said Abrahamsen admitted to neglecting to divulge UBS accounts he had previously opened for himself and his daughter.
Many former UBS clients have been sentenced in U.S. tax evasion cases to terms which range from probation to one year in prison, Reuters said.