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UBS Client Pleads Guilty To Hiding Swiss Bank Account
Gabriel Gabella, a 73-year-old Manhattan resident, pleaded guilty today at the federal courthouse in Brooklyn, New York, to a felony information charging him with concealing ownership of his Swiss UBS AG bank account from the United States.
The crime carries a statutory maximum of five years’ incarceration, and Gabella faces a civil penalty of $3,140,346, which is half the value of his unreported Swiss bank account in 2007, for the willful failure to file the Report of Foreign Bank and Financial Accounts (FBAR).
According to the plea agreement, Gabella also agreed to make restitution of $239,012 to the Internal Revenue Service for federal income taxes he failed to pay for 2005, 2006 and 2007 by hiding his ownership of his UBS account.
The guilty plea was announced by Loretta E. Lynch, United States Attorney for the Eastern District of New York, Tamara W. Ashford, Acting Assistant Attorney General for the Justice Department’s Tax Division, and Shantelle P. Kitchen, Acting Special Agent-in-Charge, Internal Revenue Service – Criminal Investigation, New York.
As described in the information, United States citizens or residents with a financial interest in, or signatory authority over, a foreign financial account worth more than $10,000 in a particular year, must file a FBAR report with the Treasury disclosing such an account by June 30 of the following year.
"Those who willfully conceal assets abroad will be investigated and prosecuted, and those convicted of such conduct will not only face imprisonment but significant financial penalties as well," stated United States Attorney Lynch.
The case was prosecuted by Assistant United States Attorney Michael Warren and Senior Litigation Counsel Mark Daly of the Justice Department’s Tax Division. The Defendant, Gabriel Gabella, is awaiting sentencing at the federal courthouse in Brooklyn, New York. E.D.N.Y. Docket No. 14-CR-207 (JBW)
Key Facts
- State: New York
- Category: White Collar Crime
- Source: DOJ Press Release â†â€â€
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