UBS Tax Dodger Sentenced To 1 Year In Prison

Law360, New York (September 17, 2010, 4:03 PM EDT) -- A federal judge on Friday gave a one-year prison sentence to Federico Hernandez, a former investment manager who used Swiss bank accounts held at UBS AG to hide $8.8 million from the tax man.

Judge Denny Chin of the U.S. District Court for the Southern District of New York did not punish Hernandez as harshly as the government wanted — prosecutors had pushed for a two-year sentence, saying Hernandez's sentence could serve as a warning to others.

“This is an unusually important sentencing for general deterrence...
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