Ex-UBS banker gets prison break

A former UBS banker who pleaded guilty to conspiring to defraud the United States by helping wealthy Americans evade taxes was sentenced to five years of probation by a U.S. judge on Tuesday.

Reuters reports that Martin Lack, a Swiss resident, pleaded guilty in February to a single conspiracy count and agreed to cooperate with U.S. prosecutors in a long-running probe into offshore tax evasion.

U.S. District Judge William Dimitrouleas of Fort Lauderdale, Florida, sentenced Lack to five years probation, in keeping with prosecutors' recommendations.

He also required Lack to pay a fine of $7,500.

Lack worked at UBS from the early 1990s until 2003, according to the indictment, before founding his own investment management firm, Lack & Partner Asset Management.

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Ex-UBS banker avoids prison time in U.S. tax fraud case

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