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Ex-UBS Client Avoids Jail on Tax Charges

A wealthy accountant convicted of filing a false tax return has been sentenced to a year of house arrest because of his extensive cooperation in the U.S. probe of Swiss bank UBS AG.

A Miami federal judge imposed the sentence Wednesday for 55-year-old Steven Michael Rubinstein, the first American charged in the UBS case. Rubinstein, also a South African citizen, pleaded guilty in June. Prosecutors say he hid $6 million.

Prosecutors say Rubinstein is cooperating fully and his case has sent a message worldwide about the risks of offshore tax evasion.

Several other UBS clients also face charges. Under U.S. pressure, the Swiss bank this year agreed to disclose the names of 4,450 additional suspected American tax dodgers.

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