Businessman wants light sentence in UBS tax probe

[October 30, 2009]  FORT LAUDERDALE, Fla. (AP) -- A New York businessman who admitted hiding assets worth $8 million with Swiss bank UBS AG hopes to get a light sentence for a Florida tax conviction.

Jeffrey Chernick's disclosures led to charges against others involved with UBS. His lawyers say that warrants a sentence of probation and house arrest. Federal prosecutors want a 9-month prison term for Chernick's guilty plea to filing a false tax return.

A federal judge in Fort Lauderdale scheduled sentencing for Friday.

Chernick is among seven former UBS clients charged in a broad U.S. investigation of Swiss bank secrecy. Prosecutors say more people will be charged. The bank earlier this year agreed to turn over names of 4,450 wealthy Americans suspected of hiding assets.

[Associated Press; By CURT ANDERSON]

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