UBS banker skirts jail for helping U.S. customers evade taxes but UBS pays $780 million

A former UBS AG banker who pleaded guilty to conspiring to defraud the United States by helping wealthy Americans evade taxes was sentenced to five years of probation by a U.S. judge on Tuesday. Martin Lack, a Swiss resident, pleaded guilty in February to a single conspiracy count and agreed to cooperate with U.S. prosecutors in a long-running probe into offshore tax evasion.

U.S. District Judge William Dimitrouleas , sentenced Lack to five years probation and required Lack to pay a fine of $7,500. Lack worked at UBS from the early 1990s until 2003. The Department of Justice had accused him of helping U.S. customers in opening and maintaining secret bank accounts at UBS and a Swiss cantonal bank for the purpose of concealing income and assets and filing false tax returns.

UBS paid $780 million and admit to helping Americans evade taxes, and it gave names of clients to U.S. authorities.

Last week bank Credit Suisse pleaded guilty to a U.S. criminal charge and agreed to pay more than $2.5 billion in penalties to help Americans evade taxes.

Jeff Newman represents whistleblowers