The DoJ reported that Gabriel Gabella pleaded guilty of having concealed a bank account with UBS AG. Mr. Gabella will pay a civil penalty of $3,140,346 representing 50% of the value of his unreported Swiss bank account in 2007. At the same time Mr. Gabella also agreed to pay $239,012 to the IRS for federal income taxes he failed to pay between 2005 and 2007.
When sentenced, Mr. Gabella faces a maximum of five years’ imprisonment for his crime.
Kitchen, an IRS Special Agent, stated “Offshore tax enforcement remains a top priority for the Internal Revenue Service […]. Individuals who choose to conceal assets offshore expose themselves to a variety of criminal charges and severe penalties when they fail to notify the government about their foreign bank accounts or report the income from them.”