An American has been sentenced in a San Diego court for hiding funds in undeclared accounts in Switzerland and the Bahamas.
Jeffrey Chatfield received a three-year probation sentence and was ordered to pay $96,000 after filing false tax returns from 2000 through 2008 and hiding the assets in UBS and Credit Suisse accounts.
Chatfield opened a bank account at UBS Bahamas with the assistance of a UBS banker in 2000.
He then closed the account in the Bahamas and opened an account at a Swiss branch of UBS in 2002.
Two years later he closed this account and transferred all funds into a Credit Suisse account.
The bank closed Chatfield’s account in 2008 when it announced it was no longer holding U.S. taxpayers’ accounts.
Source: worldradio.ch
