Fourth ex-UBS banker pleads guilty to tax evasion

Martin Lack became the fourth ex-UBS banker to plead guilty to aiding wealthy Americans evade taxes, admitting that for 17 years he helped U.S. clients maintain secret overseas accounts.

Bloomberg reports that Lack, a Swiss resident and independent investment adviser, appeared today in federal court in Fort Lauderdale, Florida, where he was indicted in 2011. He turned himself in to U.S. authorities on October 14, was free on $750,000 bond and was allowed to return to Switzerland.

Lack, 51, is one of a handful of offshore enablers of tax evasion to admit guilt since a U.S. crackdown began. About three dozen foreign bankers, lawyers and advisers have been charged.

Other former UBS bankers who pleaded guilty were Christos Bagios, Renzo Gadola and Bradley Birkenfeld. After serving a prison sentence, Birkenfeld received an Internal Revenue Service whistle-blower award of $104m.

To access the complete Bloomberg article hit the link below:

Ex-UBS Banker Lack Pleads Guilty in U.S. Tax Case

CEO Dougan Says Executives Weren't Aware of US Tax Dodges

images: © Martin Abegglen, © William Warby

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