United States

US Seeks Probation for Ex-UBS Banker in Tax Evasion Case

U.S. prosecutors are recommending probation for a former executive at Swiss bank UBS AG because of his extensive cooperation in a long-running U.S. investigation into tax evasion using secret accounts.

A U.S. sentencing memo filed Monday asks a judge to order five years' probation and a $150,000 fine for Hansruedi Schumacher. Schumacher pleaded guilty in April to conspiring to defraud the U.S., which could send him to prison for nearly six years.

Schumacher admitted in court helping wealthy U.S. citizens evade the Internal Revenue Service using secret Swiss accounts. He later became a key U.S. witness.

Several other bankers and dozens of customers have been prosecuted. UBS itself paid a $780 million fine to the U.S. in 2009 and agreed to disclose names of thousands of its American customers.

Copyright AP - Associated Press
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