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U.S. markets recover from steep losses
MALIBU, Calif., Aug. 15 (UPI) -- A California man has agreed to plead guilty to stashing at least $1 million in a Swiss bank without paying U.S. taxes, federal prosecutors said.
Businessman John McCarthy of Malibu is the first person to be prosecuted under an agreement with the Swiss government to reveal the names of customers of UBS AG bank, the Los Angeles Times reported Saturday.
The Internal Revenue Service is seeking the names of an estimated 52,000 U.S. residents who deposited money in secret accounts as a tax dodge.
McCarthy avoided paying at least $200,000 in taxes by depositing the money in a UBS account between 2003 and 2008, court documents said.
McCarthy is to plead guilty to one count of failing to file a Foreign Bank and Financial Accounts report, prosecutors said. He faces up to five years in prison and fines of $250,000 if the agreement is approved by a judge Sept. 14, the Times reported.
Neither McCarthy nor his attorney, Steven Toscher f Beverly Hills, could be reached for comment, the newspaper said.
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