Ex-UBS banker gets 5 years' probation in tax case

Friday, November 18, 2011
Action News

A former banker at Switzerland's UBS AG has been sentenced to five years' probation and no jail time for tax fraud because of his assistance in uncovering other tax evasion cases.

A federal judge in Miami agreed Friday that 45-year-old Renzo Gadola deserved leniency. He pleaded guilty in 2010 to tax fraud conspiracy and has been working extensively with U.S. prosecutors since then.

Gadola had potentially faced at least 10 months in prison under sentencing guidelines. Prosecutors say he is helping build cases against former colleagues and bank customers who had secret Swiss accounts.

The case is the part of a broad IRS campaign to identify wealthy tax dodgers. UBS in 2009 agreed to disclose identities of thousands of U.S. clients and paid a $780 million fine for tax evasion.

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