Malibu man to plead guilty to using Swiss bank to avoid U.S. taxes
John McCarthy is the first Californian to be prosecuted after Swiss bank UBS agreed to reveal identities of its customers. The IRS is seeking more names from the bank.
By Nathan Olivarez-Giles, LATimes.com
A nationwide crackdown on federal income tax evasion using secret Swiss bank accounts yielded an agreement from a Malibu businessman to plead guilty to hiding at least $1 million abroad.
John McCarthy is the first tax dodger in California — and the fourth nationwide — to be prosecuted after Switzerland’s largest bank, UBS, agreed to reveal the identities of U.S. customers.
The Internal Revenue Service is seeking the names of more than 52,000 U.S. residents who deposited money into secret accounts through agreements with both UBS and the Swiss government. The charge against McCarthy was based on information provided by UBS in February, officials said.
McCarthy funneled the money to a UBS account with the help of a Swiss lawyer and bank officials between 2003 and 2008, court documents said.
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