Bloomberg Anywhere Login


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

UBS Client Berg Admits to Failing to Report Swiss Account

Jan. 30 (Bloomberg) -- A former UBS AG client, Christopher B. Berg, pleaded guilty to failing to file a required report with the U.S. Treasury Department about a Swiss bank account used to shelter some of his income from taxation.

Berg, a self-employed marketing consultant, admitted today in federal court in San Jose, California, that he didn’t file a Report of Foreign Bank and Financial Account, or FBAR, for a UBS account he set up in 2000, according to court filings. Berg, who works in the furniture industry, opened the account in the name of a British Virgin Islands corporation, CC Ventures Inc., he admitted.

“Those who hide their assets and income in offshore accounts should realize that there is no safe haven from the IRS,” Richard Weber, chief of the IRS criminal investigation division, said in a statement.

Zurich-based UBS, the largest Swiss bank, was charged with conspiracy in February 2009 and avoided prosecution by admitting it aided tax evasion, paying $780 million and handing over account data on 250 clients. It later disclosed information on about 4,450 more accounts.

In a crackdown on offshore tax evasion, the U.S. Justice Department has charged dozens of U.S. taxpayers as well as more than two dozen offshore bankers, lawyers and advisers.

Bought Vehicle

Berg, of Portola Valley, California, admitted to depositing $642,070 in compensation in his UBS account from 2001 to 2005. In 2001, he withdrew $28,000 to buy a vehicle. Berg also withdrew $58,000 and 10,000 euros ($13,567) from UBS branches in Europe, he admitted. He also used a Eurocard bank card associated with the account while in Europe, he admitted.

The tax harm associated with Berg’s conduct is $270,757, according to prosecutors.

Berg faces as long as five years in prison when he sentenced on July 8. His attorney, Ed Robbins, didn’t immediately return a call or e-mail seeking comment on the case.

The case is U.S. v. Berg, U.S. District Court, Northern District of California (San Jose).

To contact the reporters on this story: David Voreacos in Newark, New Jersey, at; Jay Miller in New York at

To contact the editor responsible for this story: Michael Hytha at

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.