Ex-UBS Banker Lack Avoids Prison for 17-Year Tax Scheme
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Martin Lack, the fourth ex-UBS AG banker to plead guilty to aiding wealthy Americans in evading taxes, avoided prison for a 17-year scheme in which he helped U.S. clients maintain secret overseas accounts.
Lack, a Swiss resident and citizen and an independent investment adviser, was sentenced to five years of probation and fined $7,500 today in federal court in Fort Lauderdale, Florida, where he was indicted in 2011. He surrendered to U.S. authorities on Oct. 14 and pleaded guilty on Feb. 26, when the judge said he was cooperating with prosecutors.