Diamond Seller Gets 1 Year For Hiding $7M From IRS

Law360, New York (November 9, 2011, 8:24 PM EST) -- A diamond merchant was sentenced Wednesday to one year and one day in prison after admitting that he evaded taxes by stashing away more than $7.1 million at Swiss bank UBS AG, the U.S. Justice Department said.

Richard Werdiger, 64, of Purchase, N.Y., pled guilty in March to hiding the money, filing false federal income tax returns to the Internal Revenue Service and evading nearly $400,000 of taxes. He agreed to pay a civil penalty of more than $3.8 million for his failure to report his...
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