Swiss man charged over US tax fraud

A Swiss man has been charged with conspiracy to defraud the US government after he allegedly helped clients evade taxes by stashing their money in Switzerland, US justice officials said Tuesday.

Martin Lack, a private asset manager who once worked for Swiss banking giant UBS, allegedly helped US customers hide income in undeclared Swiss accounts in Basel and encouraged them to ignore US tax law, according to the Justice Department.

Lack also allegedly traveled to the United States to carry out banking and currency transactions for his clients using undeclared accounts. He is also said to have offered his clients falsified bank documents.

If convicted, the Swiss man faces a maximum sentence of five years in prison and a maximum fine of $250,000.

One of his associates, Renzo Gadola, has already pleaded guilty to similar charges and is scheduled to be sentenced in November.

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