Tuesday, October 13, 2015
Bloomberg reported that the former UBS Swiss banker Hansruedi Schumacher who plead guilty to assisting US clients evade taxes will not go to jail. Instead, he will pay a $150,000 fine and be sentenced to probation in reward for testifying against his former UBS boss, Raoul Weil, who was found not guilty by a jury.
Bloomberg reported that of seven Swiss bankers convicted, only one was sentenced to prison: Bradley Birkenfeld. Upon his release, the IRS paid Bradley Birkenfeld over $100 million for his cooperation.