Ex-UBS Client Roessel Avoids Prison in Offshore Tax Case
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Wolfgang Roessel, a former client of UBS AG and Wegelin & Co., avoided prison for failing to report more than $11 million in Swiss accounts to U.S. tax authorities.
Roessel, 71, was sentenced today in federal court in Miami to eight months of home confinement and three years of supervised release. He was also fined $10,000. He pleaded guilty on May 30, admitting he filed a false tax return for 2007 and didn’t file Reports of Foreign Bank and Financial Accounts, or FBARs, from 2002 to 2007. He has paid $6.5 million in a civil FBAR penalty and back taxes.