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IRS & UBS 1st Tax Evador Jailed – 500 Names Released so far out of 50,000 Elite Americans Hiding Taxable $$$ @ Swiss Banks For GENERATIONS may ALL NOW BE BANKRUPT OLIGARCHS !!!

Ollies - 50,000 American

50K American Olies

Posted on Thu, Apr. 02, 2009
Boca Raton accountant jailed in first UBS tax fraud case
BY MARTHA BRANNIGAN
mbrannigan@MiamiHerald.com

Steven Michael Rubinstein of Boca Raton made an initial appearance Thursday in federal court in Fort Lauderdale on a criminal charge of using UBS Swiss bank accounts to conceal income from the Internal Revenue Service.
The case marks the first to be filed by federal prosecutors based on the UBS client records that were turned over by the Swiss banking giant under a deferred prosecution agreement reached with the United States in February.

Rubinstein, a chartered accountant who works for an international company that helps clients build, buy and sell yachts, was charged with filing a false income tax return. He was temporarily detained, pending a bond hearing set for Tuesday. His attorney couldn’t immediately be reached for comment.

In a statement, U.S. Attorney R. Alexander Acosta in Miami said: “Today is the first of the prosecutions resulting from that disclosure, but it will not be the last. It is our duty to those who pay their legal share of taxes to ensure that others do not use offshore schemes to evade payment of their taxes.”

According to a criminal complaint, Rubinstein failed to disclose that he had an interest in UBS accounts in Switzerland and failed to report income earned from them.

U.S. citizens who have an interest in or control over an offshore bank account with more than $10,000 are required to say so on their income tax returns.

The government alleges Rubinstein was the beneficial owner of UBS accounts in the name of Hybridge International, Ltd., a sham company in the British Virgin Islands used to conceal his ownership.

According to the complaint, from 2001 through 2008, Rubinstein dealt with UBS bankers to buy and sell securities worth more than 4.5 million Swiss francs, or about $4 million; to convert investments from dollars to British pounds; and to deposit and transfer funds into and out of the UBS Swiss accounts.

Prosecutors assert he used the secret UBS accounts to repatriate about $3 million into the United States to buy property and build his home in Boca Raton.

The government also alleged that Rubinstein deposited and sold more than $2 million in South African Krugerrands through his UBS Swiss bank accounts.

In February, UBS entered into a deferred prosecution agreement in which the bank admitted to helping U.S. taxpayers hide accounts from the IRS. As part of its agreement, UBS, in a stunning blow to bank secrecy, agreed to provide the United States with the names and account information of some 250 to 300 U.S. customers.

UBS provided information on that group of clients to its Swiss banking authorities, who in turn determined the information could be released to the U.S. because under Swiss government guidelines, those clients appeared to have committed U.S. tax fraud.

However, the IRS is pressing forward in a civil suit against UBS to force the bank to disclose the identities of some 52,000 other U.S. customers with Swiss accounts at UBS totaling $14.8 billion. UBS has vowed to vigorously fight that broader effort.

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