WBull: UBS client pleads guilty to avoiding tax - Spear's Magazine

WBull: UBS client pleads guilty to avoiding tax

New York-based businessman Jeffrey P. Chernick on Tuesday pleaded guilty to submitting a false tax return in 2007 and admitted to hiding over $8m (€5.6m) in the Swiss bank’s accounts, according to report in The Wall Street Journal.

New York-based businessman Jeffrey P. Chernick on Tuesday pleaded guilty to submitting a false tax return in 2007 and admitted to hiding over $8m (€5.6m) in the Swiss bank’s accounts, according to report in The Wall Street Journal.

The Justice Department said that Chernick failed to reveal on his 2007 tax return he had an interest in or a signature authority over an account at UBS while also not disclosing income from the account.

As per court filings, Chernick, beginning in the mid-1970s, created a Hong Kong corporation representing toy manufacturers in China and Hong Kong, and opened offshore bank accounts in order to conceal from the IRS commissions paid to him for toy sales.

To read the full story, visit wealth-bulletin.com



 

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