Monday, August 17, 2009

Malibu Resident Cops Plea In UBS Swiss Bank Account Case

According to court documents, Switzerland’s largest bank, UBS AG, turned over records showing that John McCarthy was the beneficial owner and, therefore, had a direct financial interest in a UBS bank account opened in Switzerland in 2003 in the name of COGS Enterprises, Ltd., a Hong Kong entity.

McCarthy opened the Swiss account in 2003, and failed to file a Foreign Bank and Financial Accounts report, or FBAR, according to a charge filed yesterday in federal court in Los Angeles.

McCarthy has signed a plea agreement and will make an initial appearance Sept. 14, prosecutors said.

“Tax prosecutors in my office, working with IRS-Criminal Investigation agents and Department of Justice attorneys, are aggressively pursuing those who shirk their federal tax obligations by hiding funds in secret bank accounts in Europe and Asia,” said United States Attorney Thomas P. O’Brien.

McCarthy is expected to make his initial appearance in federal court on September 14. Once he pleads guilty, McCarthy faces a statutory maximum penalty of five years in federal prison and fines totaling $250,000.

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