A Boca Raton, Florida man has been accused of hiding over $7 million in Swiss bank accounts from the IRS, leading to a guilty plea for tax evasion.
Steven Michael Rubinstein, a chartered accountant, pleaded guilty on April 1, 2009, to filing a false tax return for tax year 2004.
According to court documents, Rubinstein maintained a UBS bank account in the name of Hybridge International Ltd., a nominee British Virgin Island corporation.
Between 2001 and 2008, Rubinstein communicated with UBS bankers via email, telephone, and in person about the purchase and sale of securities worth over 4.5 million Swiss Francs, the conversion of investments from U.S. dollars to British Pounds, and the deposit and transfer of funds into and out of the UBS Swiss accounts.
Rubinstein also deposited and sold over $2 million in South African Krugerrands through his UBS accounts.
As part of his plea agreement, Rubinstein agreed to pay a 50% penalty for the year with the highest balance in the account as of June 30 to resolve his civil liability for failing to file Reports of Foreign Bank and Financial Accounts (FBARs) for tax years 2001 through 2007.
Rubinstein faces a maximum sentence of three years in prison and a maximum fine of $250,000 or twice the amount of pecuniary gain to the defendant or loss to the IRS.
Sentencing has been set for September 30, 2009, before U.S. Judge Marcia G. Cooke. Rubinstein remains free on a $12 million bail pending sentencing.
Acting Assistant Attorney General John A. DiCicco commended the investigative efforts that led to Rubinstein’s guilty plea.
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Key Facts
- State: Federal
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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