Ex-UBS Client Abrahamsen Pleads Guilty to Tax Charge

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A former UBS AG client from New Jersey, Harry Abrahamsen, pleaded guilty to failing to declare offshore accounts to U.S. authorities.

Abrahamsen, 67, admitted in federal court in Newark, New Jersey, that he failed to file required Reports of Foreign Bank or Financial Accounts, or FBARs, on accounts from 1999 to 2007.

Abrahamsen is the third former UBS client charged this year after six pleaded guilty last year in a U.S. crackdown on offshore tax evasion. A Virginia surgeon also pleaded guilty in February to conspiring with an HSBC Holdings Plc banker to hide a Swiss account from U.S. tax authorities.

UBS, the biggest Swiss bank, avoided U.S. prosecution in 2009 by paying $780 million, turning over the names of U.S. account holders and admitting it helped Americans hide assets from the Internal Revenue Service. The Justice Department has been prosecuting ex-UBS clients based on data that the bank disclosed to the U.S. last year as part of its deferred- prosecution agreement.

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