In Fort Lauderdale, Florida, an ex-UBS banker, Martin Lack, pleaded guilty of helping US clients with ‘secret’ accounts for 17 years. He was indicted in 2011 and turned himself to the authorities in October of the same year. He was freed on a $750,000 bond and allowed to go back to Switzerland.
Apart form being involved in tax dodging with UBS, he is also believed to have hidden assets for the benefit of the Basler Kantonalbank via his Zurich-based company.
His sentenced is schedule for May 7, 2014. The recommendation is that he gets 5 year probation and no fine.
He is the fourth ex-UBS banker to plead guilty, others are Christos Bagios, Renzo Gadola, and Bradley Birkenfeld.
14 Banks are still under criminal investigation by the DoJ.
Source: Bloomberg article