Ex-UBS Client Gets Probation In Tax Shelter Case

Law360, New York (May 24, 2011, 6:30 PM EDT) -- Federal prosecutors in New Jersey announced Tuesday that a former UBS AG client had avoided prison time for concealing more than $1 million in Swiss bank accounts, instead receiving three years of probation and 12 months under house arrest.

U.S. District Judge Dennis M. Cavanaugh handed down the sentence after defendant Harry Abrahamsen of Oradell, N.J., pled guilty in April 2010 to one count of willfully failing to file a report of foreign bank and financial accounts in 2005 on his individual income tax return....
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