First UBS Client Goes Down: Rubinstein

According to the NY Times, the first of UBS' tax evading client list is being charged:

The client, Steven Michael Rubinstein, an accountant, was arrested in Boca Raton, Fla., and charged with one criminal count of filing a false and fraudulent tax return, according to court papers unsealed on Thursday.

The arrest is the first of a major American client of UBS, which has been under criminal investigation for helping scores of wealthy Americans evade taxes through secret offshore accounts that went unreported to the Internal Revenue Service. It signals that federal authorities are making good on a promise to pursue American clients suspected of tax evasion, and in some cases to make indictments.

The money hidden away for him by UBS? Around $6,000,000.00:

Mr. Rubinstein had an account with UBS worth at least $6 million, including stock and gold coins worth $2 million, according to court papers filed in Federal District Court in Fort Lauderdale. He holds both United States and South African passports.

The gold coinage were South African Krugerrands.

There only about 19,000 more tax delinquents to go.

Meanwhile, never forget that Phil Gramm was on the receiving end of an orchestrated McCain campaign Friday Night Dump during the elections because of his lobbying and working directly for UBS.

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Gosh..this was a long time ago. Maybe, 2000? The IRS published a report that off-shore tax evasion cost the US about 70 Billion a year in tax revenue. They based the report on a study of debit card use for expenses that were clearly costs related to living in the United States such as rent, food, utilities, etc.