A former UBS banker has been sentenced to 40 months imprisonment after pleading guilty to conspiring to defraud the US.
While working as a private banker for UBS AG, Bradley Birkenfeld helped an American billionaire real estate developer avoid paying $7.2m in taxes. He aided the developer to conceal $200m of assets offshore in Switzerland and Liechtenstein. Birkenfeld admitted he and others advised US clients to place cash and valuables in Swiss safety deposit boxes and buy jewels and artwork while overseas. Other tricks included, misrepresenting the receipt of funds from the Swiss bank account in the US as loans from UBS, destroying all offshore banking records existing in America and using Swiss b...
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