Legal
California Pair Plead Guilty To Tax Evasion Using UBS Account
Sean Roberts and Nadia Roberts of Tehachapi, California, have pleaded guilty before a US district judge to the charge of filing a false tax return related to an undisclosed Swiss bank account with UBS, as well as other offshore bank accounts. They have agreed to pay a $709,675 fine as well as a penalty, according to the Justice Department and the Internal Revenue Service.
Specifically, the charges were of filing a false 2008 individual US income tax return, in which they failed to report that they had an interest in or a signature authority over a Swiss account at UBS, among several foreign accounts; failing to report income earned on the foreign accounts; and falsely deducting transfers from their domestic business to the foreign accounts on their corporate tax returns.
The plea was heard by US district judge Anthony Ishii, of the Eastern District of California.
The details of the case show it involves an account opened in the pair’s own names in 1995, with the assistance of a UBS banker in Switzerland, as well as one opened later with the Swiss bank under the name of a nominee Hong Kong entity. It also shows both accounts were later closed, with the nominee-entity account being closed when it emerged UBS was under investigation by US authorities. The assets were then transferred to a Liechtenstein-based bank.
Nadia and Sean Roberts, who own and operate the National Test Pilot School and Flight Research Incorporated, have admitted to filing false tax returns for the tax years from 2004 through 2008, concealing their interest in these various offshore accounts; failing to report income earned from these accounts; and falsely deducting transfers from their business to these accounts.
They also admitted that they never filed reports of Foreign Bank and Financial Accounts disclosing their interest in any offshore financial accounts. As part of their plea agreements they will pay $709,675 to the IRS in restitution, and a 50 per cent penalty for the one year with the highest balance in their offshore accounts to resolve their civil liability for failing to file FBARs.
