UBS Clients Hid More Than $100 Million in Swiss Accounts, DOJ Says

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The Justice Department announces that seven clients of the Swiss banking giant UBS AG were charged with collectively hiding more than $100 million from IRS through sham companies. Two of the seven UBS clients, Jules Robbins and Federico Hernandez, pleaded guilty to separate criminal informations filed with the U.S. District Court for the Southern District of New York, DOJ says. Robbins agrees to pay a federal civil Report of Foreign Bank and Financial Accounts penalty of $20.8 million; Hernandez agreed to pay a $4.4. million penalty. Meanwhile, Bradley Birkenfeld, the whistleblower who exposed UBS AG's efforts to aid U.S. taxpayers in avoiding their U.S. tax obligations and was sentenced to 40 months in prison for tax evasion despite government requests for leniency, files an official petition to President Obama requesting clemency.