You are currently browsing the Capital Comments weblog archives for the day 23. March 2010.
23. March 2010 by Dan Walkow, CFA, CMT.
A California client of Swiss bank UBS was sentenced to six months home detention for tax evasion in the latest case stemming from a U.S. government probe of citizens hiding billions of dollars in offshore assets.
John McCarthy, a businessman from the wealthy seaside enclave of Malibu, also was placed on three years supervised probation on Monday and fined $25,000 for his guilty plea to a single felony count of failing to report a foreign bank account from 2003 through 2008.
In addition to the fine, McCarthy was ordered to make restitution of more than $485,000 he owed to the government, which he already has paid, and to perform 300 hours of community service, which he can do while under home detention.
He had faced a maximum penalty of five years in federal prison and $250,000 in fines.
But Judge Valerie Baker Fairbank said she weighed in McCarthy’s favor his cooperation with authorities, the fact that he had no prior criminal record and had otherwise “led a responsible, law-abiding life.”
Here is the kind of treatment one can expect if caught stashing money offshore and failing to report a foreign account!
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