Offshore
UBS Client In West Coast Sentenced Over Tax Evasion

A US client of UBS has been sentenced to three years' probation for evading taxes by using offshore bank accounts, as the US authorities continue to crack down on citizens using Swiss banks to hide their financial affairs, media reports said.
Jeffrey Chatfield, of San Diego, was also ordered to pay more than $96,000 to resolve his civil liability with the Internal Revenue Service for failing to file the required reports of Foreign Bank and Financial Reports, or FBARs, reports said.
UBS did not comment on the matter when contacted by Family Wealth Report.
Chatfield allegedly filed false tax returns for 2000 through 2008 in which he failed to report that he had an interest in or a signature authority over Bahamian and Swiss financial accounts at UBS and Credit Suisse. He also allegedly failed to report income earned on those Swiss accounts and never filed any FBARs disclosing his interest in any offshore accounts.
The information arises from the agreement that UBS entered in 2009 to provide US authorities with some client account information as part of a civil lawsuit that had been brought against the Swiss banking giant.