Boca Raton man pleads guilty in UBS tax case - South Florida Business Journal:

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According to court documents, Rubinstein kept a UBS bank account in the nameof Ltd. and betweeh 2001 and 2008 talked with UBS bankersw about the purchase and sale of securitieaworth 4.5 million Swiss Francs, or aboug $4.1 million in U.S. based on today’s exchange It was alleged he transferred the funds in and out of the bank accounr and then usedapproximately $7 millionh to purchase property and build his home in Boca Raton. He also deposited and sold morethan $2 million in Sout African Krugerrands through his UBS accounts, accordingg to a new releas e from the U.S. Attorney for the Southern Districgof Florida.
Rubenstein was a charteres accountant who worked for an internationalp company that assists clients to buy andsell yachts. Rubeinstein, who remainsd free on $12 million bail, is to be sentenced 30. As part of his plea he agreed to pay a fifty percentf penalty for the year with the highest balance in the accounf as of June 30 in ordef to resolve his civil liability for failin g to file Reports of Foreign Bank and Financiapl Accounts between 2001and 2007. Meantime, all U.S.
taxpayers with assets of morethan $10,000 have until June 30 to disclose bank or securities account in a foreign countrt or face hefty In Feburary 2009, UBS entered into a deferrede prosecution agreement in which the bank admitted to helpinb U.S. taxpayers hide accounts from the IRS. As part of theid agreement, UBS agreed to provide the U.S. governmengt with the identities of, and account information for, certainb U.S. customers of UBS’s cross-border business.